The family owners of Italian car designer and niche manufacturer Pininfarina SpA have hired Italy’s Banca Leonardo to sell their majority stake in the company, a company source said Friday, the 7th of August.
The decision was taken at a board meeting on Wednesday, August 12th, the source said.
The sale of the 50.7 percent stake held by Pincar, the Pininfarina family company, was part of the debt agreement with banks at the end of 2008.
“It is a commitment Pincar made with the banks. The family has no intention of leaving completely,” the source said, adding Pincar would no longer be a majority shareholder.
Earlier this week, Pininfarina said Pincar had subscribed for its 50.7 percent share of a 70 million euros capital increase. The increase attracted overall 55.6 percent take-up.
The Pincar subscription to the rights issue was also part of the end-2008 agreement with banks, the source said.
Various companies have been suggested as possible partners for Pininfarina, which has designed cars for Ferrari. Pininfarina is working with French financier Vincent Bollore on developing an electric car.
Bollore has said he would consider taking a stake in Pininfarina. Libero said on Friday, August 7th, India’s Tata Motors Ltd, already allied with Fiat SpA, had been mentioned as an investor last year.
The source declined to say what possible buyers, whether they would be industrial or financial, or on the timetable for a deal.
Libero said that if a rival took more than a third of Pininfarina’s shares this would put at risk its contract with Ford Motor Co. to produce cars through April 2011.
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Source: reuters.com
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I’ve heard that the new buyer is Tata motors. Such a shame to see the family forced to sell.
Thank you for commenting on my blog. Where did you hear that the new buyer is Tata Motors? Yes, it is a shame since it’s Italian heritage.
I saw it here. http://www.autocar.co.uk/News/NewsArticle/Ferrari-Concepts/242385/
Thank you motoyen for the link and getting back with me. I checked it out. I appreciate the scoop on that and commenting on my blog.