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Pininfarina Taken Over By Tech Mahindra For $28 Million
For months now, rumors have been doing the round of Mahindra acquiring Pininfarina. The deal has now been confirmed as Pininfarina is now part of Mahindra, which has been bought for $28 million. Mahindra now owns a 76 percent stake within Pininfarina.
A high possibility existed of the Italian brand losing its presence if merged with Mahindra and Mahindra automotive business.
The agreement between both companies states that Tech Mahindra will purchase 76.06 percent shares from Pincar S.r.l. for a price of 1.1 Euro per share. Mahindra and Mahindra will take 50 percent ownership of the total shares purchased while Tech Mahindra will own 60 percent of shares.
Pininfarina maintains that it will continue being an independent company. Paolo Pininfarina, Chairman of Board will continue his role in the company. The company has been taken over by Tech Mahindra, however, it will continue being listed on the Milan Stock Exchange.
Pininfarina S.p.A. is an iconic designing company. Alfa Romeo, Ferrari, Peugeot, and several other brands have used Pininfarina's expertise in designing their popular products. Pininfarina believes in a simple philosophy of creating pure, innovative, and elegant products for their customers.
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