Talks about Pininfarina Sale to Mahindra Creep Forward

Negotiations by Mahindra & Mahindra Ltd. to acquire Italian design house Pininfarina SpA continue to drag along, sources tell Bloomberg News.

Talks have been moving slowly or not at all since March. But Bloomberg’s sources say the parties now hope to reach agreement by the end of 2015 on a deal worth as much as €150 million ($164 million). Pininfarina has been struggling with operating losses for a decade.

A sale would involve the Indian SUV acquiring a majority stake in Pininfarina through Pincar Srl, the Italian company’s controlling investor. But Bloomberg points to media reports that say Pincar could be dissolved because of skepticism that a deal with Mahindra will materialize.

Pininfarina already works with Mahindra and helped pen Mahindra’s TUV300 small SUV. The 85-year-old design house is credited with such vehicles as the original Alfa Romeo Giulietta Spider, Ferrari 250 GT, Maserati Quattroporte and Rolls-Royce Camargue.