Tata Motors launches tender offer for Iveco at €14.10 per share

Indian commercial-vehicle maker Tata Motors had already agreed to acquire Italian truck maker Iveco Group in July 2025. After Italy's market regulator Consob approved the offer document, the voluntary all-cash tender offer of EUR 14.10 per common share (cum dividend, total value around EUR 3.82 billion) opened on 7 September 2026 through the bidding entity TML CV Holdings B.V.; the acceptance period runs until 26 October 2026. Exor (the Agnelli family) has irrevocably committed to tender roughly 27.06% of the common shares, representing 43.19% of all voting rights. The minimum acceptance threshold is 95%, automatically reduced to 80% if the extraordinary general meeting of 16 October 2026 approves the Back-End Resolution; according to the offeror, financing for the entire offer price is committed. The 2025 agreement had not been recorded in the tracker. Source replaced (20 Sep 2026): the original source (indiaipo.in) returns HTTP 410 and was replaced by an equivalent reference (Outlook Business, 5 Sep 2026). Update (9 Oct 2026): Tata raised the offer to EUR 14.40 per share as its "best and final" price (total value around EUR 3.91 billion if all shares are tendered) because regulatory approvals are taking longer; the acceptance period still ends on 26 October 2026 (Autocar Professional, 10 Oct 2026). Update (27 Oct 2026): At the close of the acceptance period on 26 October 2026, provisional figures show about 87.81% of the ordinary share capital tendered, above the minimum threshold lowered to 80%; confirmation of the results and the remaining conditions is pending, and the period is due to reopen from 2 to 6 November 2026 (Rankia Italia, 27 Oct 2026).