MILAN (Reuters) -- An offer by India's Mahindra & Mahindra to take over Pininfarina has fallen through due to opposition from some of the Italian car designer's creditor banks, an Italian newspaper said.
Expectations of a sale have recently fueled gains in the shares of the money-losing 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), Il Messaggero reported Saturday.
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.
