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Indian Automaker Wants to Buy Pininfarina

Indian Automaker Wants to Buy Pininfarina

India’s largest SUV manufacturer is eyeing the company responsible for designing the Ferrari Testarossa.

Mahindra & Mahindra is in talks to buy Italian design house Pininfarina SpA, according to a report by Bloomberg. The Indian automaker is still in negotiations and no deal has been confirmed, but Pininfarina’s stock jumped 26 percent Wednesday, its biggest gain in nearly four years. The boost share price valued the company at $170 million.

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Founded in 1930, Pininfarina has been struggling with debt after posting losses in 10 of its past 11 years. The company has a relationship with Mahindra on SUV design and worked with the Indian automaker last year on the Halo electric sports-car concept.

Last year, Mahindra agreed to purchase Peugeot Motocycles SA and also owns Korean automaker Ssanygong Motor Co. from an acquisition in 2011.

[Source: Bloomberg]

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