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Tata Motors has launched an all-cash voluntary tender offer to acquire all common shares of Iveco Group through its subsidiary TML CV Holdings B.V. The company has offered €14.10 per share, valuing the Italian commercial vehicle maker at about €3.82 billion.
The offer will open on September 7, 2026, and close on October 26, 2026, unless extended. Italy’s market regulator CONSOB has approved the offer document, allowing Iveco shareholders to begin the acceptance process.
Iveco Group’s Board of Directors has unanimously supported the transaction and recommended that shareholders accept the offer. The board has also asked shareholders to approve resolutions linked to the deal at an Extraordinary General Meeting scheduled for October 16, 2026.
Exor N.V., Iveco’s largest shareholder, has also agreed to support the transaction. Exor has committed to tender its 27.06% stake, which represents 43.19% of Iveco Group’s voting rights. Its commitment gives Tata Motors support from the company’s biggest shareholder before the offer period begins.
The offer includes a minimum acceptance condition of 95% of Iveco Group’s common shares. However, that level will automatically fall to 80% if shareholders approve the Back-End Resolution at the Extraordinary General Meeting.
If TML CV Holdings secures at least 95% of the common shares, it plans to begin a Dutch legal squeeze-out process. If acceptance falls between 80% and 95%, the company intends to proceed with a post-offer demerger and liquidation, subject to shareholder approval.
The companies said they have already received the required competition approvals, foreign direct investment clearances, Foreign Subsidies Regulation clearance and other prior authorizations.
The proposed transaction will combine Iveco Group with Tata Motors’ commercial vehicle business. The companies expect the combined group to sell more than 590,000 vehicles annually and generate about €21 billion, or more than ₹2.28 lakh crore, in yearly revenue.
Europe is expected to contribute around 46% of combined revenue, followed by India at about 32%. South America is projected to account for 8%, while other markets will contribute about 14%.
The two companies said their industrial and geographic operations have little overlap. Their product portfolios and market presence are also largely complementary. The combined business is expected to operate across several major commercial vehicle markets.
Tata Motors Managing Director and CEO Girish Wagh said the combination would create a larger commercial vehicle business with a wider international presence.
“By combining our respective strengths, capabilities and market presence, we have the opportunity to build a stronger, more globally competitive commercial vehicle business that is better positioned to serve customers, invest in future technologies and create sustainable value for all stakeholders,” Wagh said.
Iveco Group CEO Olof Persson also backed the transaction. He said, “By creating a major new force in global commercial vehicles, we will unlock the advantages of increased scale and reach, accelerate innovation and bring more industry-leading products to customers worldwide.”
Tata Motors said it has committed financing in place for the full offer price. If the transaction is completed, the companies expect to combine supplier networks, expand technology investment and strengthen Iveco’s FPT powertrain operations within the larger commercial vehicle group.
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