One of Italy’s leading motoring dynasties has agreed to sell its controlling stake in a leading car company as part of a debt restructuring deal, underlining how the slump in the automotive industry affects some of the country’s most prominent industrial families.

The Pininfarina family is to sell its 50.6 per cent stake in the group, also called Pininfarina, which designs and manufactures cars for Ferrari, Maserati and Ford, among others. The decision is part of the deal with its creditor banks, to which it owes nearly €600m ($838m).