Pininfarina has moved quickly to deny swirling Italian media speculation today that the giant French conglomerate Bolloré Group is lining up to take an equity stake in the troubled design and engineering firm. Photo: Bolloré has recently developed a city car, dubbed Bolloré Blue.

Pininfarina has moved quickly to deny swirling Italian media speculation today that the giant French conglomerate Bolloré Group is lining up to take an equity stake in the troubled design and engineering firm. The reports came this morning in financial newspaper Il Sole 24 Ore, which generally offers informed news coverage, and which today cited sources 'close to the French company' for its report.

However Pininfarina Group swiftly issued a statement to Consob, the Italian stock exchange operator. "With reference to the news published today by an Italian financial newspaper about a potential entrance of the Bolloré group into the Pininfarina S.p.A.’s capital, the Company categorically denies this news as it has no foundation at all," the statement, issued in Turin, read.

"Pininfarina confirms that meetings in progress with the Bolloré Group are only related to the establishment of the joint venture which will design, develop and manufacture the electric car, as announced in the press release of December 21st, 2007," the press release continued. "We also confirm that the content of the industrial and financial plan – whose completion is scheduled for next February – will be announced as soon as approved."

Pininfarina has been in financial difficulties for some time, the historic firm which designs Ferrari and Maserati sportscars over extended by a series of high volume contract assembly projects which have caused a financial drain on resources. An industrial restructuring plan is expected to be officially announced around the middle of next month.

Ever since revealed in December that it was teaming up in a 50-50 joint venture with the Bolloré Group to build an electric car which will be sold under the Pininfarina brand name, rumours haved circulated that the French company could ride to the rescue of the famous Turinese design and engineering firm. Headed by the flamboyant entrepreneur Vincent Bolloré, the Paris-based firm has widespread business interests including transport, logistics, plastics, plantations, telecoms, real estate and banking, and owns stakes in advertising groups Havas and Aegis. In 2006 Bollore Group had a turnover of 5,980 euros. It has also developed a city car, dubbed Bolloré Blue, under its own brand name.

Although 2008 has only just got underway this isn't the first time this year that Pininfarina has been forced to settle financial market speculation, on 2nd January it issued a statement after unusual fluctuations in its share price, again denying any sort of deal had been reached: At the request of Consob, with regard to the Pininfarina stock price trend in the last Stock Exchange sessions, it is herewith stated that no further information apart from that published on November 12, 2007 (press release relating to 3Q07 data) and on December 21, 2007 (press release relating to signature of a Joint Venture agreement with the Bollorè Group) is available at the moment," read the press release. "It is herewith confirmed that the contents of the industrial and financial plan – expected to be completed in February next - will be notified as soon as they have been approved."