Pininfarina in Indian Mahindra, operation from 150 mln – ANSA.it

TURIN – Another Italian company ends up in foreign hands. The historic ‘body’ Pininfarina, which in almost a century old has designed more than 100 models from Ferrari, Alfa Romeo and Lancia jewelry, passes to the Indian group Mahindra. The transaction, which was completed after two years of negotiations and will be closed by mid-2016, has a total value “of about 150 million euro”, said the CEO Silvio Angori: about 25 million for ‘ purchase of the 76% held by the Pininfarina family holding Pincar to 1.1 euro per share, 20 million for a capital increase, over 100 million of guarantees on debts. The family will retain a stake of 1.2%, the Indians will have at least 76%. “The company and its headquarters remain Italian.

The style and logo are linked to our history, employment will be stable,” assures Paolo Pininfarina, the founder’s nephew Sergio, who will remain chairman. On the stock market – where the company will continue to be listed – the title, frozen since the morning, collapses: at one hour of trading loses 68.8% of the value plummeting from 4.2 euro last Friday to the current 1.31 euro. Weighing be the price to 1.1 euro, to which the title is going to line up in the coming days. “You do not understand the reason – comments Angori – even given the fact that the investor, in addition to financial contributions, will contribute its wealth of clients and services that will be offered to the market together.” The Mahindra Group, with sales of over $ 16 billion and over 200,000 employees, is present across the board in the auto industry: two- and three-wheelers, trucks, SUVs, sedans, tractors, boats and aircraft. “This action – said Cp Gurnani, CEO Techmahindra, a subsidiary of the Indian group – Pininfarina gives the opportunity to be present in the 90 countries where we operate and to have access to approximately 800 customers. Techmahindra help Pininfarina to globalize and increase our offer in the fields of transport, aerospace and industrial design. ” “Today we begin to write the next chapter in the history of Pininfarina. We are proud and excited to become part of the Mahindra Group,” says Angori.

The Pininfarina shares that will acquire the Indian company is currently pledged to the banks and will be released from the bond at close. Investors then launch a public offer for all ordinary shares Pininfarina on the market at the same price for the sale of shares held by Pincar. The agreement also actively participating creditor banks, which signed an agreement to restructure debts. Together, the company also approved a new business plan, which stipulates that Pininfarina will become “a provider of design and engineering excellence.” Some banks have agreed to cash payment of the balance by the company and then writing off the remaining debt; others have rescheduled loans: in both cases there is the guarantee of Indians for over 100 million euro. The debt will be repaid by 2017. The Fiom it hopes that Pininfarina is strengthened and calls for “a short confrontation with the new property to see where they are going investments, in addition to refinance debt and what guarantees added value for employment “.