Tata Motors Launches €3.82 Billion Tender Offer For Iveco At €14.1 Per Share

Tata Motors has launched a voluntary tender offer to acquire all issued common shares of Iveco Group at €14.1 per share in cash, including the dividend. Tata Motors is making the offer through TML CV Holdings B.V. The transaction puts Iveco’s value at about €3.82 billion and would give Tata Motors full ownership of the Italian commercial vehicle maker.

The tender offer opens on Monday, 7 September 2026. Iveco shareholders are expected to vote on the transaction in October.

What Are The Key Details Of The Tata Motors Iveco Tender Offer?

The proposed transaction covers all issued common shares of Iveco Group. Tata Motors intends to acquire 100% of the company before proceeding with Iveco Group’s delisting from Euronext Milan.

Funding for the acquisition has been lined up through a debt commitment letter signed by Tata Motors CV with Morgan Stanley Bank, N.A., Morgan Stanley Senior Funding, Inc. and MUFG Bank, Ltd. The financing will provide fully committed bridge funding for the transaction.

Iveco's largest shareholder, Exor, has also committed to support the offer. The Agnelli family-owned investment company has committed to tender its 27% stake in Iveco's common shares. The stake represents 43.19% of the company's voting rights.

The transaction has received the unanimous recommendation and support of Iveco's board.

What Did Tata Motors Say About The Iveco Deal?

Girish Wagh, Managing Director and CEO of Tata Motors, said the start of the tender offer marked an important step towards bringing the two organisations together.

Wagh said the combination of their capabilities and market presence could create a stronger and more globally competitive commercial vehicle business. He also pointed to investments in future technologies and long-term value creation for stakeholders.

He said Tata Motors respected Iveco's heritage, people and brands and looked forward to supporting its growth. Wagh also described the offer as a compelling value proposition for Iveco shareholders and said Tata Motors was looking forward to completing the transaction.

How Did Tata Motors' Commercial Vehicle Sales Perform In August?

The Tata Motors-Iveco offer follows a strong month for Tata Motors' commercial vehicle business.

The company sold 44,411 commercial vehicles across domestic and international markets in August 2026, up 49% from 29,863 units in August 2025.

International commercial vehicle sales grew at a much faster pace. Volumes jumped 227% year-on-year to 7,792 units, compared with 2,382 units a year earlier. Among the reported commercial vehicle categories, this was the highest percentage growth during the month.

Also Read - Pre-Market 7 September 2026: GIFT Nifty Hints At Flat Start; Oil, Fed Rate Outlook In Focus Today