Tata Motors Launches €14.1 Cash Offer for Iveco Group Shares
Mumbai: Tata Motors Limited has launched a recommended all-cash voluntary tender offer for all common shares of Iveco Group N.V.
The offer, made through TML CV Holdings B.V., is priced at EUR 14.1 (cum dividend) per common share in cash. The deal values Iveco Group at approximately EUR 3.82 billion.
Key terms of the offer
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Acceptance Period: 7 September 2026 to 26 October 2026
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Iveco Board: Unanimously supports the transaction and recommends shareholders accept the offer
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Largest shareholder support: Exor N.V. (holding ~27.06% of common shares and 43.19% of voting rights) has given an irrevocable commitment to tender its shares
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Clearances: All required competition, FDI, FSR and prior authorisations have been obtained
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Minimum acceptance: 95% of common shares (automatically reduces to 80% if the Back-End Resolution is approved at the EGM)
Iveco Group will hold an Extraordinary General Meeting on 16 October 2026 to discuss the transaction and related resolutions.
Strategic rationale
The combination brings together two highly complementary commercial vehicle businesses with almost no overlap in industrial or geographic footprints. Together they will have:
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Combined sales of over ~590,000 units per year
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Combined revenues of approximately EUR 21 billion
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Strong presence across Europe (~46%), India (~32%), South America (~8%) and Rest of the World (~14%)
Tata Motors and Iveco believe the combined entity will be better positioned to invest in innovation, sustainable mobility solutions and long-term growth while preserving industrial footprints and employee communities.
Girish Wagh, Managing Director and CEO of Tata Motors, said the offer marks an important milestone in creating a stronger, more globally competitive commercial vehicle business. Olof Persson, CEO of Iveco Group, noted the clear benefits of increased scale, accelerated innovation and complementary strengths.
The offer is intended to achieve 100% ownership and delisting of Iveco Group from Euronext Milan. Non-financial covenants covering strategy, employees, governance and ESG have been agreed for a period of two years after completion.
The Offer Document and Position Statement are available on the respective company websites.