Tata Motors stands firm on ₹1,531-per-share Iveco bid as investor questions valuation: All you need to know
Tata Motors has clarified regarding speculations of increasing its offer price for the proposed acquisition of Italian commercial vehicle maker Iveco Group. The company is maintaining that its revised bid of €14.40 or ₹1,531 per share is its “best and final” offer, reported Money Control.
Speaking to the media after the announcement of Tata Motors’ September quarter results on October 23, MD and chief executive officer Girish Wagh said the company was confident that the offer would receive the required shareholder participation.
“We have put forward our best and final offer of €14.4 per share and have been encouraged by the positive and constructive engagement with key stakeholders,” Wagh said, adding, as per the publication, “The best and final offer is absolutely the best and final offer and it will remain at €14.4 per share."
The revised offer, announced on October 9, increased Tata Motors’ original bid of €14.10 per share by €0.30, or approximately ₹31.91 per share as per current exchange rate.
Wagh said that the increase was intended as a goodwill gesture following a delay of around four months in the transaction process. The revised proposal values the acquisition at a maximum of about €3.91 billion or ₹41,591 crore, according to the company. The tender offer is slated to close on October 26
The deal excludes Iveco’s defence business and is aimed at combining Tata Motors’ commercial vehicle operations with Iveco’s truck and bus businesses across international markets.
The acquisition would expand Tata Motors’ presence in Europe and other global markets while broadening its commercial vehicle portfolio.
Petrus Advisers, which holds a 3.8% stake in Iveco, has urged shareholders not to tender their shares at the current valuation, reported Money Control. Reportedly, Petrus Advisers argued that the offer does not adequately reflect the company’s worth. In an alleged presentation of September 29, the investor claimed that Tata Motors’ original €14.10-per-share offer valued Iveco at around two times its estimated 2028 earnings before interest and tax (EBIT) when compared with an average of about seven times for peers including Volvo, Daimler Truck, Traton and Paccar. Petrus also maintained that Iveco shareholders should receive a greater share of the expected synergies from the combination and compensation for delays in completing the transaction.
Iveco shareholders approved all resolutions proposed by the company’s board at an extraordinary general meeting (EGM) on October 16. Tata Motors said the tender offer had received acceptances for 35% of the shares so far. It is expected that voluntary tendering will exceed 80% by the deadline of October 26.
“As is seen typically in tender offer processes, a significant portion of shares tend to be tendered towards the very end of the acceptance period, particularly in the final 24-48 hours,” he said.
Wagh said the company did not expect participation to fall below that level.
Depending on the successful completion, settlement is scheduled for October 30. “Consolidation of Iveco will begin next quarter and our priority will be to deliver seamless transition,” Wagh added.
Sneha Biswas specialises in covering entertainment and pop culture, with a specialisation on Bollywood, Hollywood, OTT platforms, K-pop, K-dramas, and major developments in the US entertainment industry. She believes in telling stories that balance speed with substance, and in making entertainment journalism contextual, culturally aware, and reader-first rather than purely reactive.<br><br> With over six years of experience in digital media, Sneha currently serves as a Deputy Chief Content Producer at Live Mint. She has spent more than three and a half years with the HT Group and returned to the organisation in February 2025, joining Live Mint to uplift the entertainment section. Over the past year, she has been closely involved in entertainment coverage including breaking news, explainers, trend reporting, box office reports and analysis for the audience.<br><br> Sneha is Google News certified, having completed training focused on newsroom best practices, digital reporting, and SEO-driven content strategies. Her work reflects a strong understanding of audience behaviour, search trends, and the evolving consumption patterns of entertainment news across formats.<br><br> Prior to her current role, Sneha has worked across multiple content and editorial functions within digital newsrooms, building expertise in content planning, editing, and real-time coverage. Her professional interests lie at the intersection of entertainment, internet culture, and global pop trends.<br><br> Working for the National city team, Biswas closely follows global entertainment movements while maintaining a strong pulse on what is happening in India.
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.