Report: Beijing Auto, Mahindra named in list of likely Pininfarina buyers
By Steph, 23 Nov, 2010. 0 Comments
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Reports from Italian media have listed the names of companies interested in taking over design and engineering specialist Pininfarina S.p.A. At the top of this list of up to 10 carmakers and private equity firms are Beijing Automotive Industry Holding Corp. and India's Mahindra & Mahindra Ltd. The other companies in this list include: Brilliance China Automotive Holdings Ltd. (BMW AG's Chinese joint venture partner); China's Anhui Jianghuai Automobile Co.; and India's Bajaj Auto Ltd. Sources who spoke to Automotive News Europe pointed at Canadian-Austrian parts supplier Magna International Inc. to be on this list as well. Pininfarina has yet to comment on this issue.
After Magna's interest in the company was revealed in a Nov. 17 publication of the ANE story, Pininfarina gave out a release to say it is looking to collect expressions of interest from potential buyers. It stated that when there are negotiations arrive at the point wherein there would be serious communications, the company will do with “the usual transparency." Magna also declined to comment on this matter and according to a Magna Europe spokeswoman, the company’s stand not to comment remains.
In an interview with Bloomberg News, Dieter Althaus, a vice president at Magna's European unit, said that this type of acquisition would make the company earn a higher level of competence level on development matters. He said that the company is “considerably engaged in the field of engineering,” where design and technology are factors. [via autonews - sub. required]]
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