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Tata Motors launches 3.82-billion offer to takeover Italian truck manufacturer Iveco

Tata Motors has officially announced that it has launched an all-cash voluntary tender offer to acquire all common shares of the Turin-headquartered Iveco Group N.V. for 14.10 euros per share, valuing the Italian commercial vehicle maker at approximately 3.82 billion euros. The proposed combination would bring together Iveco and Tata Motors commercial vehicle business.The combined entity is expected to sell more than 5,90,000 vehicles annually and generate revenues of about 21 billion euros, or more than Rs 2,28,000 crore. Together, Iveco and the commercial vehicle business of Tata Motors have combined revenues of 21 billion euros (Rs 2,28,000 crore) split across Europe (46%), India (32%), South America (8%) and the rest of the world (14%) with attractive positions in emerging markets in Asia and Africa, according to the company statement. The development follows the approval for the offer from the Italian market regulator after the offer has been made by a Tata Motors step-down subsidiary. The acceptance period runs from September 7, 2026 to October 26, 2026.Exor N.V., which is the Iveco Groups largest shareholder, has already irrevocably committed to support the offer and tender its shareholding representing approximately 27.06% of the common shares and 43.19% of all voting rights. The Iveco Groups Board of Directors has unanimously supported the transaction and recommended that shareholders accept the offer.The board has also urged shareholders to vote in favour of the resolutions related to the offer at the Extraordinary General Meeting (EGM) scheduled for October 16, 2026, to secure formal approval from its shareholders. The Iveco Group Board of Directors unanimously supports the Transaction, recommends the Offer for acceptance by the shareholders of Iveco Group and recommends Shareholders to vote in favour of the resolutions relating to the Offer at the EGM, Tata Motors said in a filing to stock exchanges here. Commenting on the development, Tata Motors Ltd MD & CEO Girish Wagh said, The commencement of the tender offer marks an important milestone in bringing together two highly complementary organisations with a shared commitment to excellence, innovation and customer success. By combining our respective strengths, capabilities and market presence, we have the opportunity to build a stronger, more globally competitive commercial vehicle business that is better positioned to serve customers, invest in future technologies and create sustainable value for all stakeholders, Wagh said. We have immense respect for Iveco Groups heritage, talented people and trusted brands. We we look forward to supporting their continued growth and success. We believe the tender offer presents a compelling value proposition for Iveco Group shareholders and look forward to its successful completion, Tata Motors Ltd MD & CEO Girish Wagh said. Iveco Group CEO Olof Persson said, The many benefits of this transformational combination are clear. By creating a major new force in global commercial vehicles, we will unlock the significant advantages of increased scale and reach, accelerate innovation and bring even more industry-leading products to customers worldwide. The complementary nature of our two businesses further enhances the rationale of the transaction, supporting long-term opportunities for our employees, strengthening prospects for our suppliers and partners, and reinforcing the foundations for continued growth. Given these strategic benefits, together with the attractive value offered to shareholders, our board unanimously supports and recommends the tender offer, Iveco Group CEO Olof Persson said. According to the companys official statement, the offer brings together two businesses with highly complementary product portfolios and capabilities and with substantially no overlap in their industrial and geographic footprints, creating a stronger, more diversified entity with a significant global presence and sales of more than 590k units per year. The combined group will be better positioned to invest in and deliver innovative, sustainable mobility solutions by leveraging both supplier networks to serve customers globally, the statement mentioned. It will also unlock superior growth opportunities and create significant value for all stakeholders in a dynamic marketplace. By preserving each groups industrial footprint and employee communities, this complementarity is also expected to foster a smooth and successful integration process, according to the company statement.