Pininfarina family to lose control of company

The Pininfarina family is set to lose its controlling share stake in the company as it takes a step closer to restructuring its €76 million net debt.

The Italian design firm, founded in 1930, has been plagued with debt in recent years, shutting its manufacturing branch in 2011 to concentrate purely on design, ending a joint venture with Volvo that saw the company assemble Volvo's C70.

The move is seen as a positive one for the company in the long-term, making it more financially secure for future developments, but it also means that the Pininfarina family will lose control of the company by selling its 77 percent share.

Fans of Pininfarina, which designed the Ferrari FF, will be glad to hear that it looks like the company will be able to continue its design work for the foreseeable future after a rather shaky few years.

Although there were previous plans to sell the company, it seems no concrete offers made as potential suitors are able to contract Pininfarina at any point in order to tap their expertise.

Creditor banks including Intesa Sanpaolo, UniCredit, Mediobanca and Banca Monte dei Paschi di Siena will distribute the acquired shares between themselves.

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By Rufus Thompson