Milan: An offer by Indian vehicle maker Mahindra & Mahindra to take over Pininfarina has fallen through due to opposition from some of the Italian car designer`s creditor banks, newspaper Il Messaggero said on Saturday.
Expectations of a sale have recently fuelled gains in the shares of the loss-making Pininfarina group, famous for designing Ferraris and other luxury cars.
But three or four banks have rejected Mahindra`s offer because it envisaged writing off half of Pininfarina`s debts of 87 million euros ($97 million), the newspaper said.
Pininfarina declined to comment. It was not immediately possible to contact Mahindra.
Pininfarina will now seek to agree a new debt restructuring, Il Messaggero said.