Tata Motors Clears Key Hurdle in Iveco Takeover as Shareholders Back Buyout
By Aimee Look
The majority of Iveco Group's shareholders tendered their shares for Tata Motors' proposed takeover offer, which valued the Italian manufacturer at around $4.36 billion, according to a filing.
India's Tata Motors provisionally reached a shareholding of over 89% of common share capital in Iveco, net of treasury shares, according to a filing published by Iveco on behalf of Tata. The acceptances of the offer mean that the threshold condition for Tata's proposed takeover has been satisfied, the filing said.
Earlier this month, Tata Motors had raised its offer to 14.4 euros a share, which is 30 cents higher than the 14.10 euros it had initially offered. The filing at the time said it would give the company an equity value of 3.905 billion euros ($4.36 billion).
The Italian vehicle manufacturer has previously said that its board fully supported the initial offer, and recommended that shareholders accept it, later adding that it welcomed the increased price.
Tata Motors, which is a part of Tata Group, agreed to purchase Iveco's commercial vehicles business last year. The deal would first require the spinoff of Iveco's defense business, which Italy's Leonardo agreed to buy earlier this year.
Write to Aimee Look at aimee.look@wsj.com
(END) Dow Jones Newswires
October 27, 2026 03:09 ET (07:09 GMT)
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