Tata Motors Limited and Iveco Group NV today announced the commencement of a voluntary all-cash tender offer by TML CV Holdings B.V. for all issued common shares of Iveco Group. The offer, made at €14.10 per share on a cum-dividend basis, values Iveco Group at approximately €3.82 billion and represents a significant milestone in the proposed combination of the two commercial vehicle businesses.
The acceptance period for the offer will run from September 7 to October 26, 2026, while Iveco Group will hold an Extraordinary General Meeting on October 16, 2026. The Iveco Group Board of Directors has unanimously supported the transaction and recommended that shareholders accept the offer and vote in favour of the related resolutions at the EGM.
Exor NV, Iveco Group’s largest shareholder, has irrevocably committed to support the transaction, tender its approximately 27.06% shareholding and vote in favour of the proposed resolutions. The parties have stated that the combination brings together highly complementary product portfolios, capabilities and geographic footprints, with limited industrial and geographic overlap.
The combined business is expected to have annual sales of more than 590,000 vehicles and combined revenues of approximately €21 billion, equivalent to more than ₹2.28 lakh crore. Revenues are expected to be geographically diversified across Europe, India, South America and other global markets. The transaction is intended to create a stronger commercial vehicle platform with greater scale, broader customer reach and enhanced capabilities to invest in innovative and sustainable mobility solutions.
Girish Wagh, Managing Director and CEO of Tata Motors, said, “The commencement of the tender offer marks an important milestone in bringing together two highly complementary organizations with a shared commitment to excellence, innovation and customer success.” He added that the combination would create a stronger and more globally competitive commercial vehicle business capable of serving customers, investing in future technologies and generating sustainable value for stakeholders.
Olof Persson, CEO of Iveco Group, said the transaction would create “a major new force in global commercial vehicles,” enabling the businesses to benefit from greater scale and reach, accelerate innovation and expand their product offering worldwide. He said the complementary nature of the businesses would also support employees, suppliers and partners while strengthening the foundation for future growth.
All required Competition Clearances, FDI Clearances, FSR Clearance and Prior Authorisations have been obtained. The offer remains subject to customary conditions, including a minimum acceptance level of 95%, automatically reducible to 80% if the relevant back-end resolution is approved at the EGM.
The transaction is supported by fully committed financing of up to €3.825 billion, providing certainty of funds for completion of the offer. If the required acceptance thresholds are achieved, the transaction may proceed to a Dutch legal squeeze-out or the proposed post-offer demerger and liquidation process, subject to the applicable conditions and approvals.
