Archive · 5 Sep 2026
Tata Motors Launches €3.82 Billion Iveco Takeover Tender
Tata Motors wants to buy Iveco Group, a company that makes commercial vehicles such as trucks and buses.
Tata is offering Iveco shareholders €14.10 in cash for each share.
Shareholders can decide whether to accept the offer from September 7 to October 26, 2026.
Exor, Iveco’s largest shareholder, has already agreed to tender its 27.06% stake.
Iveco’s board and financial advisers say the offer is financially fair.
Tata normally needs to obtain 95% of Iveco’s shares to buy out the remaining shareholders through a squeeze-out.
That target could fall to 80% if shareholders approve related resolutions at an October 16 meeting.
If successful, the deal would combine the companies into a larger global commercial-vehicle group.
The combined businesses are expected to sell over 590,000 vehicles each year and produce about €21 billion in revenue.
Tata Motors launched its €14.10-per-share cash tender offer for all Iveco Group common shares.
The acceptance period runs from September 7 through October 26, 2026, unless extended.
Iveco’s board unanimously recommends the offer, while Exor has committed its 27.06% stake.
Tata must reach 95% ownership for a squeeze-out, or potentially 80% after October 16 resolutions.
The combined group would sell more than 590,000 vehicles annually and generate roughly €21 billion in revenue.
- Who
- Tata Motors, through TML CV Holdings B.V., is making the offer to Iveco Group shareholders; Exor is supporting it with its stake.
- What
- A voluntary cash tender offer to acquire all outstanding Iveco common shares for €14.10 per share.
- When
- The tender runs from September 7 to October 26, 2026; Iveco’s extraordinary general meeting is scheduled for October 16.
- Where
- Iveco operates from Turin, Italy, and its shares are listed on Euronext Milan.
- Why
- Tata says combining the businesses would create greater scale, broaden global reach, strengthen product and manufacturing capabilities, and support investment in future technologies.
- Offer value
- Approximately €3.82 billion, with financing committed up to €3.825 billion.
- Offer price
- €14.10 in cash for each Iveco common share.
- Tender period
- September 7 to October 26, 2026, unless extended under applicable regulations.
- Exor commitment
- 27.06% of Iveco’s common shares, representing 43.19% of voting rights.
- Ownership thresholds
- 95% may enable a Dutch squeeze-out; the threshold could fall to 80% if related back-end resolutions are approved.
- Combined scale
- More than 590,000 vehicles sold annually and approximately €21 billion in revenue.
- Iveco operations
- About 33,000 employees across 16 industrial sites and 22 research and development centres.
- Additional acceptance window
- A secondary window is scheduled for November 2–6, with settlement on November 13, if legal conditions are met.
