Speculation is growing
fast that Canadian-Austrian Magna Steyr, the largest
automotive supplier in the world, is set to swoop for
ailing Pininfarina with the Italian company issuing a
hazy response after a stock exchange demand for
clarification.
The story that Magna Steyr was circling Pininfarina,
which has seen its share value collapse as enormous
debts mounted up following a string of misguided
contract manufacturing programmes, was broken by
Automotive News Europe yesterday, which cited three
anonymous sources all with knowledge of the unfolding
issue. Both Magna Steyr and Pininfarina later declined
to comment to any of the major newswires on the validity
of the story.
With Pininfarina's
share price rocketing up by 12 percent yesterday on the
growing speculation that Magna Steyr could provide a
lifeline and a future for the famous company which
celebrates its 80th anniversary this year, as well as
gaining access to its innovative Bluecar electric urban
project, the Italian stock exchange asked the design
house for clarification.
"Upon indication of
the Stock Exchange Authorities and with reference to the
news appeared today on the press, the Company reminds
that the sale process of the Group started through
commissioning this operation to “Banca Leonardo” on
August 5th 2009," read a statement issued by Pininfarina
in Turin. "As of today expressions of interest from
potential buyers are being collected. Whenever a
negotiation will have reached a stage enabling a
communication to the Market, the Company will provide
with the usual transparency."
Last year Magna Steyr
hit the global news headlines after it became locked in
an intense battle with the Fiat Group and a smaller
private equity house to take control of GM's
cash-strapped European operations, Vauxhall/Opel,
although these dragged-out negotiations eventually came
to nothing when the U.S. carmaking giant decided to
retain control of this division. Austro-Canadian Magna
Steyr designs, develops and manufactures automotive
systems, assemblies, modules and components, and
engineers and assembles complete vehicles, primarily for
sale to OEMs of cars and light trucks in our three
geographic segments - North America, Europe, and Rest of
World (primarily Asia, South America and Africa). The
company's capabilities include the design, engineering,
testing and manufacture of automotive interior systems;
seating systems; closure systems; metal body and chassis
systems; mirror systems; exterior systems; roof systems;
electronic systems; powertrain systems as well as
complete vehicle engineering and assembly. Magna Steyr
has 245 manufacturing operations and 80 product
development, engineering and sales centres in 25
countries on five continents as of September 2010.
