Tata Motors’ Iveco takeover offer turns unconditional as shareholding reaches 89%

Tata Motors Ltd on Tuesday said the takeover offer for Italian truck maker Iveco Group N. V. has become fully effective and unconditional after its subsidiary TML CV Holdings B. V. secured acceptances for 89.42% of the company’s common share capital, net of treasury shares.
A total of 238.16 million common shares were tendered in acceptance of the voluntary tender offer, Tata Motors said, citing the final results communicated by BNP Paribas, Italian Branch, which acted as the intermediary responsible for coordinating the collection of acceptances.

With the final results, the threshold condition and all other conditions to the offer have been satisfied. The final figures are unchanged from the provisional results announced in a press release on October 27. Tata Motors said TML CV Holdings B. V.
is an indirect wholly owned subsidiary of the company through TML CV Holdings Pte. Ltd., a wholly owned subsidiary. The proposed acquisition is Tata Motors' biggest acquisition since it bought Jaguar Land Rover from Ford in 2008. Tata Motors had initially 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.

In 2025, Tata Motors announced plans to acquire Iveco, excluding its defence business, in a deal valued at around EUR 3.8 billion through TML CV Holdings Pte Ltd. The acquisition is aimed at expanding Tata Motors' global commercial vehicle presence through Iveco's established operations and product portfolio.
The threshold condition, initially set at 95% of Iveco Group's issued and outstanding common share capital on a fully diluted basis, excluding treasury shares, was automatically reduced to 80% following the adoption of a resolution at the company's extraordinary general meeting on October 16.

The final results of the offer are scheduled to be announced by October 29. Payment for these shares is scheduled for October 30, against the simultaneous transfer of ownership to the offeror. The acceptance period is scheduled to reopen for five trading days from November 2 to November 6, allowing shareholders who did not tender their shares during the initial period to do so.
Payment for shares tendered during this reopened period is scheduled for November 13. Shares of Tata Motors Ltd ended at ₹399.05, up by ₹15.55, or 4.05%, on the BSE.