CHINA: Three Chinese automakers eye Pininfarina
Three Chinese automakers are among 10 bidders for Pininfarina.
Beijing Automobile Works and Mahindra Group top the list followed by Brilliance Auto, Jianghuai Automobile (JAW), Bajaj and Magna International.
JAW told the Global Times that there was no information regarding its bid. BAW did not return calls seeking comment.
An insider told Global Times the acquisition would only provide Chinese companies with an extra design tool but would not affect the industry as a whole.
"The key point is what exactly the Chinese side could acquire from the Italian company? Is it only a part of shares or the core technology?" he added.
Magna International declined to comment to just-auto a couple of weeks ago but the Italian company announced it was seeking more potential bidders.
Dieter Althaus, deputy director of Magna in Europe, said acquiring Pininfarina would help Magna improve the company's competitiveness by making full use of Pininfarina's technology.