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Links & Italian firms on Mahindra's Euro buy; in Ferrari, Maserati friend Pinifarina

Linklaters advised Banca Regionale Europea and 14 other Italian banks on Tech Mahindra and Mahindra & Mahindra’s buy of majority stake in Italian automotive brand Pinifarina. Gianni, Origoni, Grippo, Cappelli & Partners advised the Mahindra Group entities and Pavesio and Associates advised Pinifarina’s owner Pincar.

Linklaters Italy partner Francesco Faldi, managing associate Ettore Consalvi and associate Valentina Armaroli acted for the banks: Banca Regionale Europea, Intesa Sanpaolo, Banca Nazionale del Lavoro, UniCredit, Banca Monte dei Paschi di Siena, Banco Popolare Società Cooperativa, UBI Leasing, Monte dei Paschi di Siena Leasing & Factoring, Banca per i Servizi Finanziari alle Imprese, Selmabipiemme Leasing, UniCredit Leasing, BNP Paribas Leasing Solution, Release, Mediocredito Italiano and Banca IM

Gianni senior partner Francesco Gianni acted for IT, Networks and Engineering solutions and BPO services provider Tech Mahindra and Mahindra & Mahindra.

Pavesio founder Carlo Pavesio acted for Pincar on the sale of its automotive and industrial design brand which will continue to remain an independent company, listed on the Milan Stock Exchange, according to Linklaters’ press release.

As part of the agreement, Tech Mahindra and M&M will form a joint venture (JV), with 60 per cent stake held by Tech Mahindra. This JV will purchase 76.06 per cent stake in Pininfarina at a price of Euro 1.1 per share, followed by an open offer for all the remaining ordinary shares of Pininfarina, also at Euro 1.1 per share. A rights issue to infuse funds into Pinifarina will also be executed before the end of 2016, added the release.

The 85-year-old Pinifarina is an iconic design brand and has relationships with the best in the automobile industry including with Ferrari, Alfa Romeo, Maserati and Peugeot. But it has remained unprofitable for 10 of the last 11 years, with a consolidated revenue of 86.6 million Euros in 2014, reported The Hindu.

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