Mahindra unit offers to buy remaining Pininfarina shares

PF Holdings, the majority shareholder controlled by India's Mahindra group with 78.823% of Pininfarina, announced on 16 September 2026 a voluntary tender offer for the remaining 16,660,587 shares (21.177% of the capital) at €1.00 per share in cash — a 20% premium to the closing price of 15 September 2026, maximum outlay about €16.7m. The aim is to delist the Turin design house, listed since 1986, from Euronext Milan; the offer document goes to Consob within 20 days, the acceptance period is to last 15 to 40 trading days, and the transaction is subject to Consob approval and Golden Power clearance by the government (ANSA, 16 September 2026; Milano Finanza, 17 September 2026). Update (23.09.2026): through further market purchases at no more than €1.00 per share, PF Holdings now holds 64,047,889 shares or 81.409% of the capital; Pininfarina's board has taken note of the offer and begun its assessment, including the selection of advisers (Teleborsa, 23.09.2026). Update (7 Oct 2026): PF Holdings has filed the offer document with Consob; after further market purchases the bidder holds 64,709,121 shares or 82.250%, and the offer at €1 per share (cum dividend) covers at most 13,964,715 shares (17.750%); the acceptance period begins only after Consob approval (Teleborsa, 7 Oct 2026). Update (21 October 2026): Consob has approved the offer document; the acceptance period of PF Holdings' offer starts on 26 October 2026 (Teleborsa, 21 October 2026).