Pininfarina family poised to lose control of 82-year-old company
While good news for the long-term financial health of the company, the deal will hand the Pininfarina family's 77-percent controlling share over to creditor banks that include Intesa Sanpaolo, UniCredit, Mediobanca and Banca Monte dei Paschi di Siena.
Previous plans called for a sale of the company, but Reuters reports that no serious offers were ever made – apparently, because any potential suitors can contract with Pininfarina whenever necessary, outright ownership of the company was deemed unnecessary.
In any case, it sounds as if Pininfarina's design consultancy will continue to pump out beautiful Italian shapes for the foreseeable future, the only change being that it won't be controlled by the descendants of Battista "Pinin" Farina as it has since its founding in 1930.
- Great used cars for less than $10,000
- Owners say these cars aren't very good deals
- New Car Buying Guides
- Cheapest new automobiles in America
- Fastest-depreciating cars in the United States
- Find and compare 2017 Models