Tata Motors has formally launched its voluntary all-cash tender offer for all issued common shares of Iveco Group, with the Italian commercial vehicle maker’s board unanimously backing the transaction. The offer values Iveco at approximately €3.8 billion and is aimed at taking the company private.
The offer, made through Tata Motors subsidiary TML CV Holdings B.V., is priced at €14.10 per Iveco common share, including the dividend. The acceptance period is scheduled to run from September 7 through October 26, 2026.
Iveco’s board has recommended that shareholders accept the offer and support the related resolutions at an extraordinary general meeting scheduled for October 16. The company said the transaction is intended to bring Iveco under full ownership and ultimately remove its shares from trading on Euronext Milan.
Exor N.V., Iveco’s largest shareholder, has already committed to support the transaction and tender its approximately 27.06% stake, representing 43.19% of the company’s voting rights.
The offer is subject to customary conditions, including a minimum acceptance threshold of 95% of Iveco’s common shares. That threshold could fall to 80% if shareholders approve a related resolution at the October 16 meeting. If Tata Motors reaches or exceeds the 95% threshold, it plans to initiate a legal squeeze-out process for the remaining shares.
The transaction follows the separation of Iveco’s defence business and the receipt of required competition, foreign direct investment, foreign subsidies and other regulatory clearances.
Tata Motors and Iveco said the combination would bring together complementary commercial vehicle portfolios and industrial capabilities, with the resulting business expected to have annual sales of more than 590,000 vehicles.
Iveco CEO Olof Persson said the transaction could provide greater scale and support investment and innovation, while the board cited the strategic fit between the two businesses and the value offered to shareholders in recommending the deal.
If the required conditions are met, payment for shares tendered during the initial acceptance period is scheduled for October 30, 2026.
source:Iveco Group announces transition to new Chief Financial Officer | Iveco Group
