Corrected - Pininfarina chairman says there may be M&A news soon

(Corrects quote to add dropped word 'not')

MILAN (Reuters) - Italian car designer Pininfarina may have news soon about a possible tie-up, its chairman said on Wednesday, after sources said Indian car maker Mahindra & Mahindra aimed to submit a formal bid for the Italian brand by April 29.

"We don't rule out that there will be news soon, but we are not confirming it," Chairman Paolo Pininfarina told reporters on the sidelines of an event in Milan.

(Reporting by Agnieszka Flak, editing by Silvia Aloisi)