Tata Motors' Iveco Takeover Offer Clears Key 80% Threshold

New Delhi: Tata Motors' tender offer for the acquisition of Italian commercial vehicle maker Iveco Group has cleared a key hurdle, with provisional results showing that the offeror would hold an 89.42 per cent stake, net of treasury shares, surpassing the revised 80 per cent threshold condition. According to a regulatory filing, 238.16 million common shares of Iveco Group were tendered during the acceptance period, which closed on October 26.

The shares represent about 87.81 per cent of Iveco's common share capital. The proposed acquisition is Tata Motors' biggest acquisition since it bought Jaguar Land Rover from Ford in 2008.

Tata Motors had initially offered EUR 14.10 per share for Iveco, raising the price by EUR 0.30 to EUR 14.40 per share, including dividends, on October 9.

In 2025, Tata Motors announced plans to acquire Iveco, excluding its defence business, in a deal valued at around EUR 3.8 billion (nearly Rs 38,240 crore) through TML CV Holdings Pte Ltd.

The acquisition is aimed at expanding Tata Motors' global commercial vehicle presence through Iveco's established operations and product portfolio.

The threshold condition, initially set at 95 per cent of Iveco Group's issued and outstanding common share capital on a fully diluted basis, excluding treasury shares, was automatically reduced to 80 per cent following the adoption of a resolution at the company's extraordinary general meeting on October 16.

Based on the provisional results, the offeror has met the revised threshold condition, the filing said.

The final results of the offer are scheduled to be announced by October 29.

The tender offer is being made by TML CV Holdings BV, a wholly owned subsidiary of TML CV Holdings Pte Ltd, which is itself a wholly owned subsidiary of Tata Motors' commercial vehicle business.

The aggregate consideration for the 238.16 million shares tendered during the initial acceptance period works out to EUR 3.43 billion.

Payment for these shares is scheduled for October 30, against the simultaneous transfer of ownership to the offeror.

The acceptance period is scheduled to reopen for five trading days from November 2 to November 6, allowing shareholders who did not tender their shares during the initial period to do so. Payment for shares tendered during this reopened period is scheduled for November 13.