The €21bn combination would create the world’s fourth-largest commercial vehicle maker, with a five-day window in November for remaining shareholders to tender their shares.
Tata Motors has moved a step closer to closing its biggest purchase since Jaguar Land Rover, after completing the initial settlement of its tender offer for Iveco Group and taking an 89.42 per cent stake in the Italian commercial vehicle maker. The deal values the combined commercial vehicle business at about Rs 2.28 lakh crore, or roughly €21 billion, and would create what the companies describe as the world’s fourth-largest maker of commercial vehicles.
According to the companies’ announcements, Tata Motors offered €14.40 a share in cash for Iveco’s common stock. The first acceptance period has ended, but shareholders still have a short window to tender shares, with the offer reopening for five trading days from 2 November to 6 November 2026. Settlement of shares tendered in that period is due on 13 November.
The combination brings together two businesses with different but complementary strengths, spanning more than 130 countries and an annual sales volume of about 590,000 vehicles. Iveco Group says it has a workforce of more than 33,000 people, 16 industrial sites and 22 research and development centres, while the merged group would employ more than 73,000 people overall. In Turin, Tata Sons chairman N Chandrasekaran said the enlarged business should see volumes, revenues and margins rise over the next five years.
Leadership changes for the new structure have also been set out. Chandrasekaran has been named chairperson and senior non-executive director, while Olof Persson will remain chief executive. Tata Motors’ PB Balaji and Girish Wagh have joined the board as non-independent non-executive directors. Girish Wagh said the delisting of Iveco from Italy’s exchanges would happen “soon”, although he declined to give a timetable. The takeover would be Tata Motors’ largest acquisition since it bought Jaguar Land Rover from Ford in 2008.
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