New Delhi: Tata Motors has acquired an 89.42 per cent stake in Italian commercial vehicle maker Iveco Group, making it an indirect subsidiary of the Indian automaker following completion of the initial settlement of its tender offer.
In a joint statement Friday, the companies said TML CV Holdings B.V., an indirect wholly-owned subsidiary of Tata Motors, acquired 238,157,212 common shares of Iveco, representing approximately 89.42 per cent of its common share capital, net of treasury shares.
“Iveco Group has now become part of Tata Motors,” the company said.
The proposed acquisition is Tata Motors’ biggest acquisition since it bought Jaguar Land Rover from Ford in 2008.
The settlement follows the completion of the acceptance period of the voluntary tender offer, under which Tata Motors offered EUR 14.4 per share in cash for Iveco’s common shares.
The acceptance period will reopen for five trading days from November 2 to November 6, 2026, allowing shareholders another opportunity to tender their shares. Settlement of shares tendered during this period will take place November 13.
The companies said further information on post-offer steps, including the voluntary purchase procedure, Dutch legal squeeze-out or post-offer demerger and liquidation, would be communicated in due course.
Following the settlement, Iveco Group has also announced changes to its board and corporate governance structure.
Tata Sons Chairman N Chandrasekaran has been appointed Chairperson and Senior Non-Executive Director, while Olof Persson will continue as Chief Executive Officer. Tata Motors’ 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.
The company has also reconstituted its board committees, amended its corporate governance documents and repurchased all special voting shares.
Iveco Group has advanced the disclosure of its third-quarter financial results to November 3, 2026.
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, 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 (nearly Rs 38,240 crore) 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.
Founded in 1975 and headquartered in Amsterdam, Iveco Group is an international commercial vehicle and automotive technology manufacturer with a strong Italian heritage. It operates across trucks, buses, powertrain technologies and financial services through various brands.
PTI