Tata Motors launches €3.82 billion tender offer for Iveco Group

Tata Motors has launched an all-cash voluntary tender offer to acquire 100% of the shares of Iveco Group, aiming to delist the Italian commercial vehicle manufacturer from Euronext Milan. The offer is priced at €14.10 per share, valuing the company at approximately €3.82 billion. The acceptance period is scheduled to run from September 7 to October 26, 2026.

Italy’s market regulator, Consob, has approved the offer. Iveco’s Board of Directors has unanimously recommended that shareholders accept the proposal. Exor N.V., the holding company for the Agnelli-Elkann family, has irrevocably committed to tendering its 27.06% stake, which will result in a payout of approximately €1.034 billion for the family.

The merger is intended to create a global leader in the commercial vehicle sector, combining complementary product portfolios and geographic strengths. The combined entity is expected to generate annual revenues of approximately €21 billion with sales exceeding 590,000 units.

To address labor concerns, Tata Motors has provided non-financial commitments for a period of two years following the transaction, stating that there will be no significant restructurings, plant closures, or reductions in the Iveco Group workforce as a direct consequence of the combination.