NEW DELHI: Tata Motors on Friday acquired an 89.42% stake in Italian commercial vehicle maker Iveco Group for around 3.43 billion euros after the initial settlement of its cash tender offer, taking control of the European company as the acquisition process continues.The deal makes Iveco an indirect subsidiary of Tata Motors and marks the Indian automaker’s biggest acquisition since it bought Jaguar Land Rover from Ford in 2008. Iveco reported revenue of Rs 1,42,471 crore and employs around 33,000 people across 16 industrial sites and 22 research and development centres.In a joint statement on Friday, the companies said TML CV Holdings B.V., an indirect wholly owned subsidiary of Tata Motors, had acquired 238,157,212 common shares of Iveco, representing approximately 89.42% of its common share capital, excluding treasury shares.“Iveco Group has now become part of Tata Motors,” the company said, PTI reported. The settlement follows the completion of the acceptance period for Tata Motors’ voluntary cash tender offer, under which it offered 14.4 euros per share for Iveco’s common shares.The acceptance period will reopen for five trading days, from November 2 to November 6, 2026, giving shareholders another opportunity to tender their shares. The settlement for shares tendered during this period is scheduled for November 13.Tata Motors had initially offered 14.10 euros per share before raising the price by 0.30 euros to 14.40 euros, including dividends, on October 9.As part of the acquisition, Tata Sons chairman N Chandrasekaran has been appointed chairperson and senior non-executive director of Iveco. Olof Persson will continue as chief executive officer.Tata Motors executives P B Balaji and Girish Wagh have joined the board as non-independent, non-executive directors. Guenter Butschek and Charles Nichols have been appointed independent, non-executive directors.Iveco has also reconstituted its board committees, amended its corporate governance documents and repurchased all special voting shares.The companies said details of the next steps following the offer, including the voluntary purchase procedure, a Dutch-law squeeze-out process or a post-offer demerger and liquidation, would be communicated in due course.Tata Motors announced plans in 2025 to acquire Iveco, excluding its defence business, in a deal valued at around 3.8 billion euros (nearly Rs 38,240 crore). The transaction was to be carried out through TML CV Holdings Pte Ltd.The acquisition is aimed at expanding Tata Motors’ global commercial vehicle presence by combining its operations with Iveco’s established international network and product portfolio.
