Shares in Italian industrial designer Pininfarina SpA (PINF.MI) soared more than 12% Wednesday on a news report that it could be acquired by Canadian-Austrian auto parts maker Magna International Inc (MG.T, MGA).

At 1153 GMT, the thinly traded shares of Pininfarina, best known for its work on a number of models for luxury sports car maker Ferrari, were up 12.2% at EUR3.22 in Milan.

Industry publication Automotive News said Magna was considering the idea of acquiring Pininfarina. It cited three anonymous sources with knowledge of the matter.

Both Pininfarina and Magna declined comment Wednesday.

Pininfarina faces financial troubles and has been looking for an investor for more than a year.

Its joint venture with French industrialist Vincent Bollore to make an electric car had led investors to speculate about the likelihood of Bollore taking over the company.

News website: www.autonews.com

-By Gilles Castonguay, Dow Jones Newswires; +39 02 5821-9908; gilles.castonguay@dowjones.com
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