Noida, Oct 27 (APAC Media): Tata Motors Limited has secured control of approximately 89.42% of Italian commercial vehicle manufacturer Iveco Group N.V.’s common share capital through its indirect wholly owned subsidiary, TML CV Holdings B.V., following the close of its voluntary takeover offer, according to provisional results announced on Tuesday.
The initial acceptance period for the offer, which opened on September 7, closed on October 26, 2026. BNP Paribas, Italian Branch, the intermediary responsible for coordinating acceptances, reported that shareholders had tendered 238,157,212 common shares, equivalent to 87.81% of Iveco Group’s total common share capital.
Including Iveco Group’s 4,868,597 treasury shares, representing approximately 1.80% of its common stock, Tata Motors’ indirect holding amounts to 89.42% of the company’s common share capital, net of treasury shares. The value of the shares tendered under the offer stands at approximately €3.43 billion.
In a regulatory filing with Indian stock exchanges, Tata Motors General Counsel and Company Secretary Ranjan Kumar said the provisional results confirmed that the minimum ownership requirement had been met.
“TML CV Holdings B.V. has received provisional results communicated by BNP Paribas, Italian Branch,” Kumar said, adding that 238,157,212 common shares had been tendered in acceptance of the offer.
“Based on the provisional results of the Offer (subject to confirmation) and taking into account the acceptances of the Offer recorded as of the date hereof, the Threshold Condition has been satisfied,” he said.
Minimum ownership threshold met
The takeover offer was initially conditional on Tata Motors securing at least 95% of Iveco Group’s common share capital. However, the threshold was automatically reduced to 80% after shareholders approved the Back-End Resolution at an Extraordinary General Meeting on October 16.
With the provisional acceptance level exceeding 89%, the minimum ownership condition has been fulfilled, paving the way for the transaction to proceed towards settlement, subject to final confirmation of the results and applicable regulatory requirements.
Tata Motors also increased its offer price to improve participation. The initial consideration of €14.10 per share was raised by €0.30 on October 9, taking the final offer price to €14.40 per share, cum dividend.
Settlement and reopening of offer
Tata Motors is scheduled to publish the final results before the market opens on October 29. Payment to shareholders who tendered their shares during the initial acceptance period is scheduled for October 30, alongside the transfer of the relevant shares to the offeror.
Minority shareholders who have not yet participated will receive another opportunity to tender their holdings when the acceptance period reopens for five consecutive trading days, from November 2 to November 6, under Article 40-bis of Italy’s Issuers’ Regulation.
The reopening is intended to provide eligible shareholders with an additional window to accept the offer at the same price of €14.40 per share. Payments for shares tendered during this period are scheduled for November 13.
The transaction marks a significant step in Tata Motors’ expansion in the global commercial vehicle market, with the final outcome dependent on confirmation of the provisional tender results and completion of the prescribed settlement procedures.
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Disclaimer: This article is for informational purposes only and is based on publicly available information. APAC Media is not responsible for investment decisions or losses. Please conduct your own research or consult a financial adviser before investing.
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