Tata Motors’ €3.43 bn Iveco bid sees 87.8% acceptance, paves way for biggest buyout since JLR: What exchange filing says
The acquisition bid by Tata Motors of Italian truck maker Iveco has cleared the acceptance threshold of 80% and reached 87.8% on the last day of the offer, as per an Italian stock market filing on Monday (local time), Reuters reported.
238.16 million common shares of Iveco Group were tendered during the acceptance period, which closed on October 26.
These shares in total represent around 87.81% of Iveco's common share capital.
This proposed acquisition will be the biggest buyout of Tata Motors since it purchased Jaguar Land Rover from Ford in 2008.
Tata Motors had first announced in 2025 that it was planning to acquire Iveco, excluding its defence business, in a deal which was valued somewhere around EUR 3.8 billion (nearly ₹38,240 crore) through TML CV Holdings Pte Ltd.tata
The acquisition is aimed at expanding Tata Motors' global commercial vehicle presence through Iveco's established operations and product portfolio.
Initially, the India-based company had offered EUR 14.10 per share for Iveco, raising the price by EUR 0.30 to EUR 14.40 per share, including dividends, on October 9.
On why the offer was being increased, the company said in an exchange filing earlier this month, ""Nevertheless, the Offeror [Tata Motors] has resolved to increase the price in consideration of the slight delay in the completion of the offer, due to prior authorisations process taking longer than initially."
The tender offer is being made by TML CV Holdings BV, a wholly owned subsidiary of TML CV Holdings Pte Ltd, which is itself a wholly owned subsidiary of Tata Motors' commercial vehicle business.
The aggregate consideration for the 238.16 million shares tendered during the initial acceptance period works out to EUR 3.43 billion.
While speaking on the Iveco acquisition during the Q2 earnings release, Chief Finance Officer GV Ramanan said, "On the Iveco transaction, we are progressing steadily towards completion, within the indicated timeline of end October. As we prepare for consolidation from next quarter, our priorities are clear: seamless integration, unlocking strategic opportunities and creating sustained value for the long term."
The exchange filing has revealed that Tata now holds 89.42% of Iveco's common share capital based on provisional results.
Final results will be communicated before market opening on 29 October and the offer wil be reopened during 2-6 November, as per Iveco.
Payment for shares tendered during this reopened period is scheduled for November 13.
The tender offer that ended Monday ran from 7 September.
With PTI, Reuters inputs
For about a decade, Livemint—News Desk has been a credible source for authentic and timely news, and well-researched analysis on national news, business, personal finance, corporates, politics and geopolitics. We bring the latest updates on all the listed companies on BSE and NSE, startups, mutual funds, Union ministries, geopolitics, and untapped human interest stories from around the world, helping our readers to stay informed on the latest developments around the globe. Our Coverage Areas 1. Companies: Comprehensive news and analysis on listed and unlisted companies, corporate announcements, corporate chatter, C-suite, business trends, hiring alerts, layoffs, work-life balance, world's top billionaires and richest and more. 2. Personal finance: Insights into mutual funds, small savings schemes like - PPF, SSY, post office savings scheme, stock to watch, personal loans, credit cards, top bank FDs, real estate, income tax and more. 3. Politics: Comprehensive coverage of general elections, state elections and bypolls, Lok Sabha, Vidhan Sabha, Parliament, PMO, PIB, finance ministry, home ministry, among other union ministries and government departments. 4. National News: From metro cities like Delhi, Mumbai, and e to untapped stories from rural India, we cover human interest, health, education, crime and courts, and law and order, among other areas of public interest. 5. Economy: In-depth analysis of India's macro and micro-economic indicators like- GDP, inflation, forex, fiscal deficit, current account deficit, interest rate cycle, economic recovery, RBI circulars, indirect taxes, GST, Insolvency and Bankruptcy imports, exports and everything that impacts Indian economy. 6. Geopolitics: Well-rounded and deeply researched coverage on US News, Oval Office European Union, Ukraine Russia War, middle-east crisis, royal families and global leaders like - Donald Trump, Vladimir Putin, Kim Jong Un, Xi Jinping and premiers of other leading economies in the world. Meet the Team 1. Gulam Jeelani, Political Affairs Editor 2. Sugam Singhal, Senior Assistant Editor 3. Chanchal, Assistant Editor 4. Sanchari Ghosh, Chief Content Producer 5. Pratik Prashant Mukane, Chief Content Producer 6. Sayantani Biswas, Chief Content Producer 7. Ravi Hari, Deputy Chief Content Producer 8. Garvit Bhirani, Deputy Chief Content Producer 9. Akriti Anand, Senior Content Producer 10. Jocelyn Felix Fernandes, Senior Content Producer 11. Swastika Das Sharma, Content Producer 12. Mausam Jha, Content Producer 13. Riya R Alex, Trainee Content Producer
Get Latest real-time updates
Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More
✕
Wait for it…
Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.