Mahindra to Make Bid for Pininfarina Next Week

Indian SUV maker Mahindra & Mahindra Ltd. aims to submit a formal bid on April 29 to acquire iconic Italian design house Pininfarina SpA, sources tell Reuters.

Mahindra's offer is expected to have the support of Pincar, which owns 76% of the Turin-based company. But it also must win the backing of Pininfarina's creditors to succeed.

Pininfarina is known primarily for designing such Ferrari classics as the 250 GT, Enzo and Testarossa. The company phased out its money-losing contract production business four years ago but continues to struggle with debt and operating losses. Reports say the company currently is valued at about $167 million.