Earlier in the year it was revealed legendary Italian design firm Pininfarina was in talks with Indian conglomerate Mahindra & Mahindra about a possible sale. Now it’s been revealed an announcement of a sale of Pininfarina to Mahindra is likely to be made soon.
A spokesperson for Pininfarina told Reuters negotiations with Mahindra were still taking place and an acquisition could be announced within the next few weeks.
“Negotiations between controlling shareholder Pincar, creditor banks and Mahindra ... over the acquisition of Pininfarina's shares owned by Pincar and debt restructuring never broke off,” the spokesperson said.
Pininfarina, famous for its numerous Ferrari designs, has been crippled with losses and mounting debts ever since its failed attempt to expand into the world of car building during the past two decades. The entire automotive design industry has also suffered as more and more automakers, including Ferrari, utilize their own design staff rather than outsourcing. For example, rival Italian firm Bertone went bankrupt in mid-2014.
Pininfarina’s total debt stood at 52.7 million euros (approximately $56.5 million) at the end of June.
Unfortunately, the sale of Pininfarina to Mahindra will likely mean we never see another Ferrari designed by the company. It’s also possible we never see special project cars from the company like the recent Ferrari Sergio and the famous P4/5 by Pininfarina owned by James Glickenhaus.
Stay tuned for an update.