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Pininfarina: Still Gathering Offers From Potential Bidders

MILAN -(Dow Jones)- Italian car design company Pininfarina SpA (PINF.MI) said in a statement Tuesday it is still collecting expressions of interest from potential bidders and acquisition talks with parties remain at a preliminary stage. "The company will make sure to [make an announcement]...the moment talks reach a level that requires it," the car designer said. According to latest press reports, Beijing-based carmaker Beijing Automotive Industry Holding, or BAIC, is considering bidding for Pininfarina. In November other press reports said Magna International Inc. (MG.T) was also interested in acquiring the company. Pininfarina has been experiencing financial problems since the economic crisis in Europe began in 2008 and has been looking for a buyer with the help of Italian bank Banca Leonardo for more than a year. Its founding family rescheduled the company's debt and agreed to give up its majority stake. The market has speculated on the possibility of an offer from French industrialist Vincent Bollore who has said he is willing to submit a bid, if the family ask him. Bollore and Pininfarina already have a joint venture in manufacturing electric cars. This has become Pininfarina's focus as it moves away from its role as a niche manufacturer for car makers like Ford Motor Co (F). Shares were outperforming the Italian FTSE Mib. At 1013 GMT they were up 6% at EUR4.08. -By Sabrina Cohen, Dow Jones Newswires,+39 02 5821 9906; sabrina.cohen@dowjones.com

Stock News for Magna (MGA)
DateTimeHeadline
07/02/201506:57:21Jaguar Land Rover to Build Cars in Austria
06/25/201515:58:28Annual Report of Employee Stock Plans (11-k)
06/01/201517:20:14Specialized Disclosure Report (sd)
05/18/201510:33:00Magna expands all-wheel-drive leadership by supplying Dynamax...
05/18/201510:33:00Magna expands all-wheel-drive leadership by supplying Dynamax...
05/14/201513:49:48Report of Foreign Issuer (6-k)
05/08/201506:04:04Report of Foreign Issuer (6-k)
05/07/201518:28:00Magna Announces 2015 Annual Meeting Results
05/07/201517:34:00Magna Announces 2015 Annual Meeting Results
05/07/201517:34:00Magna Announces 2015 Annual Meeting Results
05/07/201515:03:11Report of Foreign Issuer (6-k)
05/07/201508:00:00Magna Announces First Quarter Results
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05/06/201504:53:24Magna International Price Target Raised to $75.00 at Morgan Stanley...
05/04/201517:07:00Magna and Chongqing Xingqiaorui Automotive to form Joint Venture
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04/30/201511:04:00Magna Recognized As Most Innovative With Drivetrain Technologies
04/30/201511:04:00Magna Recognized As Most Innovative With Drivetrain Technologies
04/29/201512:40:25Magna International Given "Sector Outperform" Rating at Scotiabank...
04/29/201512:40:25Magna International Given "Sector Outperform" Rating at Scotiabank...

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