Last month, we reported that shareholders and creditors of Italian auto designer Pininfarina had yet to come to a sales agreement with it’s potential buyer. The problem was that potential purchaser Mahindra and Mahindra – the largest SUV producer in the Indian market – was proceeding cautiously. That wasn’t much of a surprise, considering Pininfarina hasn’t made a profit for the better part of the last 12 years. Now, nearly a month later, we’ve learned that an agreement may be reached as early as the end of this week.
The sales negotiations between the two companies, shareholders and creditors have been private, but our sources have been in touch with insiders who spoke behind the curtain of anonymity. The final details left to iron out are the final purchase price of Pininfarina and some issues related to Pininfarina’s cesspool of constantly increasing debt. As of this morning, Il Sole 24 Ore – an Italian newspaper – reported that sales negotiations between the two companies were nearing a close and, after surging 11 percent, Pininfarina’s shares have also been halted. We’re not sure what the outcome will be, but read on for more information.
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