Magna potrebbe rilevare Pinifarina?

[wilderness]

Magna mulls Pininfarina takeover

Luca Ciferri

Automotive News Europe -- November 17, 2010 11:00 CET

TURIN – Canadian-Austrian parts supplier Magna International Inc. is weighing a proposal to buy Italian design specialist Pininfarina S.p.A., three sources with direct knowledge of the matter told Automotive News Europe.

Earlier this month, Pininfarina's quarterly earnings report disclosed that the company could be sold as soon as Dec. 31. But Magna and Pininfarina declined to comment on the likelihood of a sale.

Magna wants to strengthen its position as a global supplier of design, engineering and contract manufacturing, one source said. Pininfarina's design expertise and engineering know-how would augment the range of services offered by Magna subsidiary Magna Steyr, which engineers complete vehicles and builds cars for several automakers at its assembly plant in Graz, Austria.

Magna has bid to take over an automaker, without success. It failed to gain control of Aston Martin from Ford Motor Co. and last year a consortium led by Magna was poised to acquire Opel/Vauxhall from General Motors Co., but the Detroit automaker backed out.

After the Opel defeat, Magna decided to stop pursuing automakers and instead focus on its core business of being a global supplier of parts and services, including contract manufacturing.

Financial struggles

Pininfarina is known for building legendary sport cars such as the 1966 Alfa Romeo Spider and the 1984 Ferrari Testarossa. But the company has struggled financially for years, losing a combined 358 million euros from 2007 to 2009.

In August 2009, Pininfarina hired Banca Leonardo, a Milan-based merchant bank, to sell a 50.7 percent stake held by Pincar, the Pininfarina family holding company. The sale is part of a debt agreement made at the end of 2008 with creditor banks, which canceled 180 million euros in loans as part of the agreement. The banks will get the proceeds from the sale of the stake, which grew to 76.1 percent late last year after the banks canceled another 70 billion euros in loans.

Banca Leonardo officials declined to comment on the possible Magna takeover of Pininfarina.

The Pininfarina family's share of the company has shrunk from 55 percent to just 1.2 percent.

Pininfarina, which is listed on the Milan stock exchange, was founded 80 years ago by Battista Pininfarina, the grandfather of current chairman Paolo Pininfarina.

Less debt

Pininfarina has reduced its net debt from 157 million euros in 2007 to 58 million euros (about $78 million) as of Sept. 30. But the company is still losing money.

For the first nine months of 2010, Pininfarina reported a net loss of 34 million euros, compared with 18 million euros a year earlier. For the full year, Pininfarina expects flat sales, more debt and a larger net loss.

If Pininfarina is sold, the buyer will get a company that is focused on design and engineering, rather than vehicle assembly.

The company still has two Italian assembly plants in Bairo and San Giorgio Canavese, both north of Turin. But Pininfarina will stop production at those factories when it completes the last Alfa Romeo Brera coupe and Spider models this month.

Pininfarina also makes cars in a joint venture with Volvo Car Corp. in Sweden. But the company has an option to sell its stake if Volvo fails to submit a plan this year for its C70 replacement.

Read more: http://europe.autonews.com/apps/pbcs.dll/article?AID=/20101117/ANE/101119872/1193#ixzz15XaOxdiR

[wilderness]

Azioni di Pinifarina S.p.A sospese per eccesso di rialzo dopo le voci sull'interessamento di Magna all'acquisto...Pinifarina di fatto conferma la presenza di potenziali acquirenti...

Pininfarina shares suspended as Magna mulls takeover

Automotive News Europe -- November 17, 2010 18:01 CET

Shares in Pininfarina S.p.A. were suspended following an Automotive News Europe report that Magna International Inc. is weighing a proposal to buy the Italian design specialist.

Dieter Althaus, a vice president at Magna's European unit, said the Canadian supplier is interested in Pininfarina.

“This type of acquisition would be one that would earn us additional competence on development matters,” Althaus told Bloomberg News on Wednesday. “We're also very considerably engaged in the field of engineering and that's where design and technology also play a role.”

Earlier, three sources with direct knowledge of the matter told ANE that Magna was considering whether to buy the Italian luxury auto designer to strengthen its design and engineering capabilities.

"As of today, we are collecting expressions of interest from potential buyers," Pininfarina said in a statement Wednesday. "Whenever any negotiations have reached a stage where it needs to be communicated, the company will do with the usual transparency," it said.

Pininfarina shares were suspended on Wednesday for excessive gains. Trading resumed following the company's statement after being suspended most of Wednesday. They closed up 22.3 percent to 3.51 euros -- the biggest gain in 19 months, valuing the car designer at 105.9 million euros.

Last year Pininfarina put a 50.6 percent stake up for sale that was held by the group's family holding company Pincar, to help it tackle its debt situation.

On Nov. 1, Pininfarina said it expects a 2010 loss wider than last year's after the nine-month net loss broadened to 33.8 million euros (45.8 million) from 18.1 million euros a year earlier.

After failing to buy General Motors Co.'s Opel/Vauxhall unit last year and Chrysler a year earlier, Magna has decided to stop pursuing automakers and instead focus on its core business of being a global supplier of parts and services, including contract manufacturing.

Magna is eyeing Pininfarina to strengthen its position as a global supplier of design, engineering and contract manufacturing, one source told ANE.

Pininfarina's design expertise and engineering know-how would augment the range of services offered by Magna subsidiary Magna Steyr, which engineers complete vehicles and builds cars for several automakers at its assembly plant in Graz, Austria.

Pininfarina is known for building legendary sport cars such as the 1966 Alfa Romeo Spider and the 1984 Ferrari Testarossa.

Read more: http://europe.autonews.com/apps/pbcs.dll/article?AID=/20101117/ANE/311179948/1424#ixzz15ZCbMRsx

Modificato 17 Novembre 2010 da wilderness

[wilderness]

Anche cinesi ed indiani in corsa...insieme a molti altri...

Pininfarina suitors include Beijing Auto, Mahindra, reports say

Luca Ciferri

Automotive News Europe -- November 22, 2010 15:00 CET

TURIN – Beijing Automotive Industry Holding Corp. and India's Mahindra & Mahindra Ltd. head a list of as many as 10 carmakers and private equity firms interested in taking over design and engineering specialist Pininfarina S.p.A., according to Italian media reports.

Other companies mentioned in the reports were Brilliance China Automotive Holdings Ltd., which is BMW AG's Chinese joint venture partner, China's Anhui Jianghuai Automobile Co. and India's Bajaj Auto Ltd.

Canadian-Austrian parts supplier Magna International Inc. also is interested in the money-losing Italian company, sources with direct knowledge of the matter told Automotive News Europe last week.

Pininfarina declined comment when contacted today.

Following the Nov. 17 publication of the ANE story about Magna's interest in the company, Pininfarina issued a release to say it is “collecting expressions of interest from potential buyers. Whenever any negotiations have reached a stage where it needs to be communicated, the company will do with the usual transparency."

Magna also is not talking.

“Our official statement remains the same as last week, that we do not comment on this topic,” a Magna Europe spokesman wrote in an e-mail reply to questions today.

Hours after the ANE story appeared last week, Dieter Althaus, a vice president at Magna's European unit, told Bloomberg News: “This type of acquisition would be one that would earn us additional competence on development matters. We're also very considerably engaged in the field of engineering and that's where design and technology also play a role.”

Pininfarina is known for building legendary sport cars such as the 1966 Alfa Romeo Spider and the 1984 Ferrari Testarossa. But the company has struggled financially for years, losing a combined 358 million euros from 2007 to 2009.

Read more: http://europe.autonews.com/apps/pbcs.dll/article?AID=/20101122/ANE/101129987/1193#ixzz163Ol4Ont

[nucarote]

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