Tata Motors has moved another step closer to completing its proposed acquisition of Iveco Group after Italy’s market regulator Consob approved the offer document for the voluntary tender offer. The shareholder acceptance process for the proposed takeover is scheduled to begin on September 7, 2026.

The offer is being made through Tata Motors’ indirect wholly owned subsidiary TML CV Holdings B.V. Under the proposal, shareholders of Iveco Group will be offered €14.10 per common share, including the dividend, as Tata Motors seeks to acquire all outstanding common shares of the Italian commercial vehicle manufacturer.

The transaction values Iveco at approximately €3.82 billion.

Iveco Takeover Offer: Key Details

Shareholder Acceptance Opens September 7

The acceptance period will open on September 7, 2026, and is scheduled to close on October 26, 2026, unless the period is extended in accordance with applicable regulations.

Shareholders who tender their shares during the acceptance period are expected to receive the offer consideration on October 30, 2026. If certain legal conditions are satisfied, the offer could subsequently reopen for five trading days from November 2 to November 6, with payment for shares tendered during that period scheduled for November 13.

The offer will initially operate in Italy and will also be extended to eligible shareholders in the United States in accordance with applicable securities regulations.

Iveco Board Supports the Transaction

Iveco Group's Board of Directors has unanimously supported the proposed transaction and recommended that shareholders accept Tata Motors' offer. The board has also recommended shareholders vote in favour of the resolutions related to the transaction at Iveco's Extraordinary General Meeting scheduled for October 16, 2026.

Iveco's largest shareholder, Exor N.V., has also committed to support the transaction. Exor has agreed to tender its approximately 27.06% stake in Iveco, representing around 43.19% of the company's voting rights.

Tata Motors Targets Global Commercial Vehicle Expansion

The Iveco acquisition is strategically important for Tata Motors as it aims to strengthen its position in the global commercial vehicle market.

The combination would bring together Tata Motors' established presence in India and other markets with Iveco's commercial vehicle operations and European footprint. The enlarged business is expected to have annual sales of more than 590,000 commercial vehicles and generate approximately €21 billion in annual revenue.

What the Iveco Deal Means for Tata Motors

The proposed takeover could significantly expand Tata Motors' international commercial vehicle operations. Iveco's presence across European and other international markets would give Tata Motors greater geographic reach and access to a broader portfolio of light, medium and heavy commercial vehicles.

The combination is also expected to create opportunities for greater scale in manufacturing, technology development, sourcing and product engineering. Tata Motors could further benefit from Iveco's experience in alternative propulsion technologies as the commercial vehicle industry moves towards lower-emission and electric mobility solutions.

For Iveco, becoming part of a larger global commercial vehicle group could provide additional scale and resources for future product development and international expansion.

Next Steps in the Acquisition

With Consob approval now secured, the focus shifts to the shareholder acceptance process. The offer period will remain open until October 26, followed by the scheduled payment date later that month.

The October 16 Extraordinary General Meeting will also be an important milestone in the transaction. The final outcome will depend on shareholder participation and the fulfilment of the conditions attached to the offer.

If successful, the acquisition would mark one of Tata Motors' most significant international moves in the commercial vehicle sector and strengthen its ambition to build a larger global CV business.