Auto major Mahindra and Mahindra has evinced interest in the acquisition of Pininfarina, but the two are yet to sign any binding pact, the Italian luxury car designer said today.
"Notwithstanding the interest expressed by Mahindra and Mahindra, one of Pininfarina S.P.A.'s main customers, no binding agreement of any nature for the acquisition of Pininfarina by the Indian company has currently been signed between the parties," the Turin-based company said in a statement.
Since its first debt restructuring in December 2008, the debt-ridden Pininfarina S.P.A. Shares held by Pincar S.R.L. have been pledged to the lending institutions involved.
"Moreover, in addition to Pincar S.R.L.'s approval, the performance of any transactions like that mentioned above would require the approval of all 13 banks that are currently pledgees of the Pininfarina S.P.A. Shares," it said.
Mahindra and Mahindra, however, declined to comment.
The coampany had in 2010 bought South Korean automaker Ssangyong Motor. It also bought majority stake in Peugeot's scooter business last year.
