Tata Motors launches €3.82 billion bid for Iveco Group

Tata Motors has launched an all-cash voluntary tender offer to acquire all common shares of the Italian commercial vehicle manufacturer Iveco Group. The deal, executed through TML CV Holdings B.V., values the European firm at approximately €3.82 billion ($4.4 billion) at an offer price of €14.10 per share.

Italy’s market regulator, Consob, has officially approved the offer document, marking the final regulatory hurdle for the acquisition. The acceptance period is scheduled to run from September 7, 2026, through October 26, 2026. If legal prerequisites are met, the window may reopen for five trading days between November 2 and November 6, 2026, with payments scheduled for November 13.

Iveco’s Board of Directors has unanimously recommended that shareholders accept the terms. Exor N.V., the company’s largest shareholder, has made an irrevocable commitment to tender its stake, which represents approximately 27.06 percent of common shares and 43.19 percent of voting rights. The acquisition focuses on Iveco’s civil activities, following a restructuring that separates its defense business, which is slated for acquisition by Leonardo.