Tata Motors launches 3.8 billion euro takeover bid for Iveco Group

Tata Motors has officially launched a cash takeover bid for the Iveco Group, valued at approximately 3.82 billion euros. The offer, facilitated through TML CV Holdings, is set at 14.10 euros per share and aims to lead to a full delisting from the Euronext Milan exchange.

The acquisition has received support from Iveco Group's board and its major shareholder, Exor, which holds a 27.06 percent stake. Investment banks Goldman Sachs and Rothschild have provided fairness opinions, characterizing the offer price as appropriate. The takeover period for shareholders is scheduled to run until October 26.

This transaction is part of a broader strategic restructuring for Iveco. Concurrently, the company is selling its defense division to the Italian defense group Leonardo for 1.7 billion euros. Following the sale, the Brescia plant is expected to be developed as a central hub for electric and hydrogen mobility, affecting approximately 2,000 employees. Reports indicate that no job cuts or plant closures are planned within the first two years following the takeover.