Pininfarina family will lose majority shares

Pininfarina said today that it will propose a 100 million euro capital increase in order to reduce growing debts. The move will cause the Pininfarina family to lose its majority share in the Italian company. They currently hold 55 percent of the company’s voting shares.

The family will underwrite a part of the capital increase, relying on new investors such as Vincent Bollore, a French batter specialist. Pininfarina announced in December that it will team up with Bollore to build electric cars in the beginning of 2010.

A spokesman from the company told Automotive News Europe that it is to early to say what the size of the family’s share will be after recapitalization.

Source: Automotive News (Subscription Required)

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