November 12, 2015 / 6:13 PM / in 4 years

Pininfarina sees agreement to sell to Mahindra in next few weeks

MILAN, Nov 12 (Reuters) - Italian car designer Pininfarina said on Thursday it expects to reach a deal to be acquired by Indian automaker Mahindra and Mahindra in the next few weeks.

“Negotiations between controlling shareholder Pincar, creditor banks and Mahindra ... over the acquisition of Pinifarina’s shares owned by Pincar and debt restructuring never broke off,” the car designer said.

Pininfarina - which has designed cars for Ferrari, Maserati, Rolls-Royce and Cadillac - has been loss-making for years and its net debt stood at 52.7 million euros ($57 million) at end-June.

It has been struggling to stay in business as carmakers moved to hire more in-house stylists at the expense of independent design firms. ($1 = 0.9281 euros) (Reporting by Francesca Landini, editing by Isla Binnie)

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