MILAN (Reuters) -- Italian car designer Pininfarina says 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 Pininfarina's shares owned by Pincar and debt restructuring never broke off," the car designer said.
Pincar first confirmed that Mahindra had expressed interest in buying Pininfarina in March.
Pininfarina which was founded in 1930, has designed cars for Ferrari, Maserati, Rolls-Royce and Cadillac. It has been unprofitable for 10 of the past 11 years while struggling with debt and a floundering division that built cars for other manufacturers, a business it shut three years ago. Its net debt stood at 52.7 million euros ($57 million) at the end of the first half.
The designer has been struggling to stay in business as carmakers moved to hire more in-house stylists at the expense of independent design firms.