India's Mahindra Group Gains Control of Italian Design Firm Pininfarina
December 14 2015 - 11:16AM
Dow Jones News
By John D. Stoll
Indian conglomerate Mahindra Group has acquired control of
Italian design firm Pininfarina SpA, known most for its iconic car
designs for Ferrari and other brands.
The deal, announced Monday, will likely boost the status of
engineering and design services offered by Tech Mahindra, and add
to the company's portfolio of automotive assets. Mahindra &
Mahindra Ltd. makes an array of SUVs for emerging markets,
including India, and owns Ssangyong Motor Co., a Korean auto maker
with plans to eventually sell in the U.S.
Mahindra Group will own 76% of Pininfarina, 60% of which will be
held by Tech Mahindra and 40% held by Mahindra & Mahinrda. The
Indian company said it purchased the stake from the current
shareholder Pincar S.r.l at a price of EUR1.1 per share.
An open offer for all of the remaining ordinary shares will be
held, and a rights issue to infuse funds into the company will be
held before the end of next year.
Write to John D. Stoll at john.stoll@wsj.com
(END) Dow Jones Newswires
December 14, 2015 11:01 ET (16:01 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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