<div>An offer by Indian vehicle maker Mahindra & Mahindra to take over Pininfarina has fallen through due to opposition from some of the Italian car designer's creditor banks, newspaper Il Messaggero said on Saturday.</div><div> </div><div>Expectations of a sale have recently fuelled gains in the shares of the loss-making Pininfarina group, famous for designing Ferraris and other luxury cars.</div><div> </div><div>But three or four banks have rejected Mahindra's offer because it envisaged writing off half of Pininfarina's debts of 87 million euros ($97 million), the newspaper said.</div><div> </div><div>Pininfarina declined to comment. It was not immediately possible to contact Mahindra.</div><div> </div><div>Pininfarina will now seek to agree a new debt restructuring, Il Messaggero said.</div><div> </div><div>(Reuters)</div>
