[🇮🇳] Tata Motors to Acquire Iveco Group, Together Creating a Global Player in Commercial Vehicles

Krishna with Flute · Sep 13, 2025

Mumbai, India / Turin, Italy - 30th July 2025

Tata Motors to Acquire Iveco Group, Together Creating a Global Player in Commercial Vehicles

The combination brings together complementary capabilities, global reach, and a shared strategic vision to drive long-term growth and unlock significant value

Iveco Group Board recommends Tata Motors’ all-cash voluntary tender offer for Iveco Group common shares. Completion of the offer is conditional on the separation of Iveco Group’s defence business
Iveco Group N.V. (“Iveco Group” or “Iveco”) (EXM: IVG), a European leader in commercial vehicles and mobility, and Tata Motors Limited (“Tata Motors”) (NSE: TATAMOTORS), a global automotive leader, announce that they have reached an agreement to create a commercial vehicles group with the reach, product portfolio and industrial capability to be a global champion in this dynamic sector.

The envisaged recommended voluntary tender offer (the “Offer”) will be made by TML CV Holdings PTE LTD or a new limited liability company to be incorporated under Dutch law (the “Offeror”), which will be wholly owned, directly or indirectly, by Tata Motors. The completion of the offer is conditional, inter alia, on the separation of Iveco's defence business and, as such, the public offer is for all issued common shares of Iveco Group after the separation of that business, at a price of EUR 14.1 (cum dividend, excluding any dividend distributed in relation to the sale of the defence business) per share in cash (the “Offer Price”). The Offer represents a total consideration of approximately EUR 3.8 billion for Iveco Group, excluding Iveco's defence business and the net proceeds from the defence business separation.