Tata Motors acquisition of Iveco Group

Tata Motors has launched an all-cash voluntary tender offer to acquire 100% of the common shares of the Italian commercial vehicle manufacturer Iveco Group, with the goal of delisting the company from Euronext Milan. Executed through TML CV Holdings B.V., the offer is priced at €14.10 per share, valuing the company at approximately €3.82 billion ($4.4 billion).

Italy’s market regulator, Consob, has approved the offer document. The acceptance period is scheduled to run from September 7 through October 26, 2026. Iveco’s Board of Directors has unanimously recommended that shareholders accept the terms. Exor N.V., the holding company for the Agnelli-Elkann family and the largest shareholder, has irrevocably committed to tendering its 27.06% stake, which will result in a payout of approximately €1.034 billion.

The acquisition focuses on Iveco’s civil activities following a restructuring that separates its defense business. To maintain industrial continuity and address labor concerns, Tata Motors has pledged to avoid significant restructurings, plant closures, or workforce reductions for two years following the payment. The companies intend for the merger to create a global commercial vehicle leader, combining complementary product portfolios and geographic strengths, with expected annual revenues of approximately €21 billion and sales exceeding 590,000 units.