Mahindra & Mahindra's bid to take over Italian design firm Pininfarina has fallen through as the Italian car designer's creditor banks rejected the offer, according to a Reuters’ report that quoted an Italian newspaper as saying.

According to the report, Pininfarina’s creditors opposed the move since it involved writing off half of Pininfarina's debts of 87 million euros or $97 million. It is likely that the Italian auto-design firm is now working towards considering a new debt restructuring plan, the report added.

News that Mahindra has bid to purchase the Italian company which was founded in 1930, emerged in April this year. The company has been unprofitable for almost a decade and a division of the company that built cars for other manufacturers also had to be shut down a few years ago.

Some iconic models designed by Pininfarina include the Ferrari 458 Italia, the Alfa Romeo Brera and Spider, the Maserati Quattroporte and Granturismo and the Ferrari California, 599 GTB Fiorano and 612 Scaglietti.

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