Tata Motors secures Iveco takeover at 87.81%

Mumbai, 27 October 2026: The Tata Motors Iveco deal has secured shareholder backing for its 3.91 billion euro takeover of Italian truck maker Iveco Group, after investors holding 87.81 per cent of Iveco shares accepted the offer on Monday, 26 October. The acceptance cleared the revised 80 per cent threshold for the deal and closed the largest acquisition in Tata Motors history. A Teleborsa update on the Borsa Italiana website confirmed that 238,157,212 shares had been tendered, equal to about 87.81 per cent of the shares on offer.

How Tata Motors Iveco acceptance rose late

Acceptance jumped sharply in the final days of the offer. It stood at about 52 per cent on 23 October, according to reports of the tender, and reached 87.81 per cent by the close on 26 October. Tata Motors Iveco chief Girish Wagh, who is Tata Motors Managing Director and Chief Executive had told investors on Friday that a large share of tenders in such offers tends to arrive in the final 24 to 48 hours of the acceptance period. Exor, the Agnelli family investment company and Iveco largest shareholder, had already committed its 27.06 per cent holding. Activist investor Petrus Advisers had argued that the offer undervalued Iveco.

The Iveco takeover offer was launched on 7 September 2026, about 15 months after the deal was first announced in July 2025. The offer price was 14.40 euro per share. Including Iveco treasury shares, which account for 1.80 per cent of its share capital, the potential holding of Tata Motors commercial vehicle arm, TML CV, stands at 89.42 per cent, net of treasury shares. Final results of the offer are due to be announced on 29 October at 7.29 a.m. CET, which is 11.59 a.m. IST.

What Tata Motors Iveco will combine

The combined group is expected to have annual revenue of about 21 billion euro and sales of more than 590,000 vehicles a year, based on figures reported with the deal. The Tata Motors Iveco group will be the fourth largest commercial vehicle maker in the world by volume. The transaction carries an estimated enterprise value of 4.5 billion dollars. It does not include Iveco defence business, which was separated from the deal.

Settlement of shares is scheduled for 30 October. Iveco will then delist from the Milan exchange and become a subsidiary of Tata Motors. The Tata Motors Iveco group said consolidation would begin next quarter and that its priority would be delivering a seamless transition. Tata Sons chairman N Chandrasekaran will join the Iveco board as chairperson. Jaguar Land Rover chief executive P B Balaji and Girish Wagh will join as non-independent directors.

Why the Tata Motors Iveco deal matters in India

For India, the deal links a large domestic truck maker with a European maker that sells trucks, buses and powertrains in many markets. Tata Motors Iveco combines a maker that already makes trucks and buses in India, and Iveco brings plants, dealer networks and products in Europe and other regions. How the two firms combine product lines, suppliers and sales teams will shape costs and sales in the years ahead. The shareholder vote for the Iveco takeover removed the main hurdle to that work, but integration still has to be carried out plant by plant and market by market.

The commercial vehicle deal is the second largest for the Tata Group as a whole. Tata Steel purchase of Corus in 2007, at 11.3 billion dollars, remains the group largest acquisition. Within Tata Motors, the Tata Motors Iveco deal is the largest so far. Investors will now watch the settlement on 30 October, the delisting in Milan, and the first consolidated results, for signs of how the combined commercial vehicle deal performs in its first years.