Italy's Pininfarina denies binding agreement with Mahindra

(AGI) Turin, March 26 - Italy's car design firm Pininfarinadenied having entered into a binding agreement with India'sMahindra&Mahindra. "To date, despite the interest shown byMahindra&Mahindra, one of the most important clients ofPininfarina Spa, there is no binding agreement whatsoeverbetween the parties configuring the purchase of Pininfarina bythe Indian company", announced Pincar Srl. This announcementcame at the request of CONSOB, the Italian Securities andExchange Commission, to counter rumours circulated on Wednesdayon the imminent sale of Pinfarina Spa to Mahindra& Mahindra. Ina note, the Turin-based group recalled: "Ever since the firstdebt

(AGI) Turin, March 26 - Italy's car design firm Pininfarinadenied having entered into a binding agreement with India'sMahindra&Mahindra. "To date, despite the interest shown byMahindra&Mahindra, one of the most important clients ofPininfarina Spa, there is no binding agreement whatsoeverbetween the parties configuring the purchase of Pininfarina bythe Indian company", announced Pincar Srl. This announcementcame at the request of CONSOB, the Italian Securities andExchange Commission, to counter rumours circulated on Wednesdayon the imminent sale of Pinfarina Spa to Mahindra& Mahindra. Ina note, the Turin-based group recalled: "Ever since the firstdebt restructuring in December 2008, the Pininfarina Spa sharesheld by Pincar Srl have been pledged as collateral with thefinancing institutions that funded the operation." The notecontinued: "The agreements signed envisage, inter alia, theeventual sale of the shareholding in Pininfarina Spa, also inthe interest of the latter, as the ultimate goal of the debtrestructuring process and the final effort to secure theGroup's assets and finances." The note went on to explain:"Pincar Srl, in agreement with the financing institutions, haslong been evaluating several options to support and developPininfarina Spa's business plan, including the eventual sale ofits shareholding. Moreover, it should be recalled that aneventual operation such as this would require the approval ofPincar Srl, in addition to that of the 13 pledgee bankinggroups that hold Pininfarina Spa's shares. Pincar Srl hascommitted to promptly inform the market of any eventual bindingagreement concerning Pininfarina Spa." (AGI). .