- Tata Motors has secured an 89.42 per cent stake in Iveco following the initial settlement of its €3.43bn cash tender offer.
- Iveco employs around 33,000 people and operates 16 industrial sites and 22 research and development centres.
- The tender offer will reopen from November 2 to November 6, giving remaining shareholders another opportunity to sell their shares.
Tata Motors has taken control of Italian commercial vehicle manufacturer Iveco after acquiring an 89.42 per cent stake for nearly €3.43bn, marking its biggest acquisition since buying Jaguar Land Rover (JLR) from Ford in 2008.
The initial settlement of the cash tender offer makes Iveco an indirect subsidiary of the Indian automaker, giving Tata Motors control of a European business with reported revenue of Rs 1,42,471 crore.
In a joint statement, the companies said TML CV Holdings BV, an indirect wholly owned subsidiary of Tata Motors, had acquired 238,157,212 common shares in Iveco. The holding represents approximately 89.42 per cent of the company's common share capital, excluding treasury shares.
“Iveco Group has now become part of Tata Motors,” the company said.
The settlement followed the completion of the acceptance period for Tata Motors' voluntary tender offer, which was priced at €14.40 per share in cash. The company initially offered €14.10 before raising the price by €0.30 on October 9, including dividends.
The offer will reopen for five trading days from November 2 to November 6, allowing shareholders who have not yet tendered their shares another opportunity to do so. Settlement for shares tendered during this period is scheduled for November 13.
Leadership and board changes
Tata Sons chairman N Chandrasekaran has been appointed chairperson and senior non-executive director of Iveco, while Olof Persson will continue as chief executive officer.
Tata Motors executives P B Balaji and Girish Wagh have joined the board as non-independent non-executive directors. Guenter Butschek and Charles Nichols have been appointed independent non-executive directors.
Iveco has also reconstituted its board committees, amended its corporate governance documents and repurchased all special voting shares as part of the changes following the takeover.
The companies said further details of the post-offer process, including a voluntary purchase procedure, a Dutch legal squeeze-out or a post-offer demerger and liquidation, would be communicated in due course.
Strengthening global commercial vehicle operations
The acquisition was announced in 2025 through TML CV Holdings, with Tata Motors agreeing to buy Iveco's commercial vehicle business while excluding its defence operations. The transaction was valued at around €3.8bn at the time of the announcement.
Founded in 1975 and headquartered in Amsterdam, Iveco has a strong Italian industrial heritage and operates across trucks, buses, powertrain technologies and financial services through several brands.
The group employs around 33,000 people and has 16 industrial sites and 22 research and development centres.
For Tata Motors, the acquisition is intended to strengthen its international commercial vehicle business by adding Iveco's established European operations, manufacturing footprint and product portfolio.
It also represents a major step in the company's global expansion, 18 years after its landmark purchase of JLR transformed its presence in the international passenger vehicle market.
