An offer by Indian automotive giant Mahindra & Mahindra to take over the iconic Italian design company Pininfarina, has been rejected, according to reports.
Italy’s Il Messagero on Saturday reported that Pininfarina Group’s credit banks had opposed the deal.
Mahindra & Mahindra’s intention to buy Pininfarina – the company responsible for designing some of the most iconic cars of the 21st Century, including numerous Ferraris – was reported earlier this year.
But three or four banks have rejected Mahindra’s offer because it envisaged writing off half of Pininfarina’s debts of around £62 million, Il Messagero reported.
Neither Pininfarina nor Mahindra have commented.