A fresh tender window for minority shareholders will open on November 2, while Tata Sons Chairman N Chandrasekaran has been appointed Iveco’s chairperson following the takeover
Tata Motors on Friday announced the completion of the initial settlement of its tender offer for Italian commercial vehicle maker Iveco Group, acquiring an 89.42 per cent stake and bringing the European company under its control, even as the process of buying out the remaining minority shareholders continues.
The acquisition, carried out through Tata Motors’ indirect wholly owned subsidiary TML CV Holdings B.V., involved 238.16 million shares at €14.40 apiece. Following the settlement, Iveco has become an indirect subsidiary of Tata Motors, the company said in a regulatory filing.
The development comes against the backdrop of opposition from some minority shareholders over the valuation of Iveco. Activist investor Petrus Advisers had questioned the offer price, arguing that it undervalued the company. Tata Motors had subsequently increased its offer price from €14.10 to €14.40 per share earlier this month.
With around 10.58 per cent of Iveco’s common share capital, excluding treasury shares, still outside Tata Motors’ ownership, the company will reopen the tender offer for five trading days, from November 2 to November 6. Settlement for shares tendered during this additional window is scheduled for November 13.
Tata Motors said further details of the post-offer process, including a possible voluntary purchase procedure, Dutch legal squeeze-out or post-offer demerger and liquidation, would be announced in due course.
The company has not announced any further revision to the offer price.
The completion of the initial settlement has also triggered changes in Iveco’s board and corporate governance structure. Tata Sons Chairman N Chandrasekaran has been appointed chairperson of Iveco as a non-executive director, while Tata Motors Group Chief Financial Officer P B Balaji and Tata Motors Executive Director Girish Wagh have joined the board as non-executive directors.
Olof Persson will continue as Iveco’s chief executive officer. The six-member board also includes Guenter Butschek and Charles Nichols as independent directors.
Iveco said all outstanding special voting shares had been repurchased for no consideration, leaving no such shares outstanding following the takeover. The company has also brought forward the announcement of its third-quarter financial results to November 3 from November 5.
The acquisition marks a major step in Tata Motors’ international expansion in the commercial vehicle segment, combining its presence in India and emerging markets with Iveco’s established operations in Europe and other international markets.
Iveco, which reported revenue of €13.43 billion in calendar year 2025, employs around 33,000 people and operates 16 industrial sites and 22 research and development centres. Its businesses span trucks, buses, powertrains and vehicle financing.
Tata Motors has said the combination will create a more diversified global commercial vehicle business, with complementary product portfolios and limited overlap in geographical and industrial operations.