Tata Motors on Friday acquired an 89.42 per cent stake in European commercial vehicle manufacturer Iveco Group for nearly 3.43 billion euros, completing the initial settlement of its cash tender offer and taking control of one of Europe's major truck and bus manufacturers.
The transaction makes Iveco an indirect subsidiary of Tata Motors and marks the Indian automaker's largest international acquisition since its purchase of Jaguar Land Rover from Ford in 2008.
The acquisition gives Tata Motors control of a company with annual revenue of Rs 1,42,471 crore, approximately 33,000 employees, 16 industrial facilities and 22 research and development centres.
In a joint statement, the companies confirmed that 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 per cent of its common share capital, excluding treasury shares.
"Iveco Group has now become part of Tata Motors," the company said.
๐ง๐ฒ๐ป๐ฑ๐ฒ๐ฟ ๐ผ๐ณ๐ณ๐ฒ๐ฟ ๐๐ผ ๐ฟ๐ฒ๐ผ๐ฝ๐ฒ๐ป ๐ผ๐ป ๐ก๐ผ๐๐ฒ๐บ๐ฏ๐ฒ๐ฟ ๐ฎ
The acquisition follows the completion of the initial acceptance period of Tata Motors' voluntary cash tender offer, under which Iveco shareholders were offered 14.40 euros for each common share.
The acceptance period will reopen for five trading days, from November 2 to November 6, allowing shareholders who did not participate in the initial offer another opportunity to tender their holdings.
Settlement of shares tendered during the reopened acceptance period is scheduled for November 13.
The companies said further details regarding post-offer procedures would be announced in due course. These could include a voluntary purchase procedure, a Dutch legal squeeze-out process or a post-offer demerger and liquidation.
Such measures would determine the treatment of the remaining shares and the subsequent ownership structure of Iveco Group.
๐๐ต๐ฎ๐ป๐ฑ๐ฟ๐ฎ๐๐ฒ๐ธ๐ฎ๐ฟ๐ฎ๐ป ๐ป๐ฎ๐บ๐ฒ๐ฑ ๐๐๐ฒ๐ฐ๐ผ ๐ฐ๐ต๐ฎ๐ถ๐ฟ๐ฝ๐ฒ๐ฟ๐๐ผ๐ป
Following the settlement, Iveco announced changes to its board of directors and corporate governance structure, reflecting Tata Motors' controlling ownership.
Tata Sons Chairman N Chandrasekaran has been appointed Chairperson and Senior Non-Executive Director of Iveco Group.
Olof Persson will continue as Chief Executive Officer, providing continuity in the company's operational leadership during the ownership transition.
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.
The company has also reconstituted its board committees, amended corporate governance documents and repurchased all special voting shares as part of the changes following the acquisition.
๐ข๐ณ๐ณ๐ฒ๐ฟ ๐ฝ๐ฟ๐ถ๐ฐ๐ฒ ๐ฟ๐ฎ๐ถ๐๐ฒ๐ฑ ๐ฏ๐ฒ๐ณ๐ผ๐ฟ๐ฒ ๐๐ฒ๐๐๐น๐ฒ๐บ๐ฒ๐ป๐
Tata Motors had initially offered 14.10 euros per share for Iveco before raising the consideration by 0.30 euros to 14.40 euros per share, including dividends, on October 9.
The revised offer formed the basis of the tender process that resulted in Tata Motors securing a controlling stake in the European manufacturer.
In 2025, Tata Motors had announced plans to acquire Iveco's commercial vehicle operations, excluding its defence business, in a transaction valued at approximately 3.8 billion euros, or nearly Rs 38,240 crore.
The transaction was structured through a subsidiary of the Indian automaker, enabling it to acquire Iveco's commercial vehicle operations and associated businesses.
With the initial settlement now completed, Tata Motors has secured control of the European company while the process of acquiring the remaining shares continues.
๐๐ฐ๐พ๐๐ถ๐๐ถ๐๐ถ๐ผ๐ป ๐๐ผ ๐ฒ๐ ๐ฝ๐ฎ๐ป๐ฑ ๐ด๐น๐ผ๐ฏ๐ฎ๐น ๐ณ๐ผ๐ผ๐๐ฝ๐ฟ๐ถ๐ป๐
The acquisition is aimed at strengthening Tata Motors' position in the global commercial vehicle industry by combining its existing operations with Iveco's established manufacturing network, technologies and international market presence.
Iveco has a substantial presence in the European truck and bus markets, along with operations covering powertrain technologies and financial services.
The transaction provides Tata Motors with access to Iveco's product portfolio, industrial facilities and research capabilities, potentially supporting the development of commercial vehicles across different markets.
It also expands the Indian company's international presence beyond its existing commercial vehicle operations.
๐๐๐ฒ๐ฐ๐ผ ๐ฏ๐ฟ๐ถ๐ป๐ด๐ ๐ณ๐ถ๐๐ฒ ๐ฑ๐ฒ๐ฐ๐ฎ๐ฑ๐ฒ๐ ๐ผ๐ณ ๐ฒ๐ ๐ฝ๐ฒ๐ฟ๐ถ๐ฒ๐ป๐ฐ๐ฒ
Founded in 1975 and headquartered in Amsterdam, Iveco Group is an international commercial vehicle and automotive technology manufacturer with strong Italian roots.
The company operates through several brands across trucks, buses, powertrain technologies and financial services, serving customers in multiple international markets.
Its network of 16 industrial sites and 22 research and development centres supports manufacturing, engineering and product development activities.
For Tata Motors, the acquisition represents a major expansion of its commercial vehicle business and one of the largest overseas transactions undertaken by an Indian automobile manufacturer.
The completion of the initial tender offer establishes Tata Motors as Iveco's controlling shareholder, with the remaining acquisition procedures expected to proceed in November.