Tata Motors has formally launched a recommended all cash voluntary tender offer to acquire the common shares of Italian commercial vehicle maker Iveco Group NV, taking a major step towards combining the two companies' commercial vehicle businesses.
The offer, made through Tata Motors subsidiary TML CV Holdings BV, is priced at 14.10 euros per Iveco share on a cum-dividend basis. It values Iveco at around 3.82 billion euros.
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The acceptance period for Iveco shareholders will open on September 7, 2026, and close on October 26, 2026. The offer document has received approval from Italy's market regulator, Consob, allowing the shareholder acceptance process to begin.
Iveco's Board of Directors has unanimously supported and recommended the offer to shareholders. The board has also recommended that shareholders approve related resolutions at an Extraordinary General Meeting (EGM) scheduled for October 16.
Iveco's largest shareholder, Exor N.V., has irrevocably committed to tender its 27.06% stake, representing approximately 43.19% of voting rights, providing significant support for the transaction.
The offer is subject to minimum acceptance conditions. The required threshold is 95% of Iveco's common shares, which may be reduced to 80% if the relevant back-end resolution is approved at the EGM. The transaction has also secured the required competition, foreign direct investment and Foreign Subsidies Regulation clearances.
If completed, the deal will combine Iveco with Tata Motors' commercial vehicle business, creating a larger global commercial vehicle player. The combined business is expected to generate approximately 21 billion euros in annual revenue and sell more than 590,000 vehicles a year.
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The companies are considered complementary, with limited overlap in their geographical and industrial operations. The transaction is therefore expected to expand the combined group's scale and global commercial vehicle presence.
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