MILAN (Bloomberg) -- Pininfarina’s controlling shareholder, Pincar, confirmed that India's Mahindra & Mahindra has expressed interest in buying the Italian car designer.
There are no binding agreements between the parties regarding a purchase by Mahindra, shareholder Pincar said in a statement distributed by the Italian stock exchange today.
Owned by the Pininfarina family, Pincar holds 76 percent of the company, according to data compiled by Bloomberg.
Pincar said it has been reviewing several options regarding the development of the company jointly with financial institutions. Among these is an eventual sale of its stake.
Mahindra is closing in on the purchase of Pininfarina after weeks of talks, people familiar with the matter said Wednesday. Negotiations are continuing and could still fall apart, said the people, who asked not to be named because the discussions are private.
Founded in 1930, Turin-based Pininfarina has designed automotive classics such as the Ferrari 250 GT and the 1950s-era Alfa Romeo Giulietta Spider.
Pininfarina’s shares rose 26 percent to 5.15 euros in Milan on Wednesday and were up 3.9 percent at 9:01 a.m. Thursday.