Tata Motors has cleared a key condition in its takeover bid for Italian truck manufacturer Iveco Group after receiving provisional acceptances representing 87.81% of the company’s share capital.
The acceptance level exceeds the revised 80% minimum threshold.
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Tata Motors’ holding in Iveco is expected to reach 89.42% as a result.
The offer was submitted through TML CV Holdings, an indirect wholly owned subsidiary of Tata Motors.
“As part of the public tender offer (OPA) launched by Tata Motors for Iveco ordinary shares, 97,078,765 applications were submitted today, October 26, the last day for acceptances. Therefore, overall acceptance requests reach 238,157,212, equal to approximately 87.81% of the total instruments being offered,” Iveco said in a stock market filing.
The offer price is €14.40 per common share. It includes the initial €14.10 per-share price, cum dividend, and a further €0.30 per share, also cum dividend.
Tata Motors agreed in July 2025 to acquire Iveco in a deal valued at €3.8bn (then $4.36bn).
The transaction faced delays over the past 15 months, including regulatory approval issues, pushing completion beyond the initial June target.
In November last year, Italy conditionally cleared the sale of truck manufacturer Iveco to Tata Motors.
According to analysis by GlobalData, the parent company of Just Auto, the tie-up would place the enlarged company alongside Traton and Volvo Group in global truck market share and production capacity.
Following the merger, the combined commercial vehicle business would generate roughly €22bn in annual revenue, with manufacturing sites across Europe, Asia and Latin America.
From a product and geographical viewpoint, Tata’s dominance in India and Southeast Asia is highly complementary to Iveco’s presence in Europe and Latin America, with no significant overlap in product lines or manufacturing geography.
The tender offer began on 7 September and ended on 26 October. Final results are due before the market opens on 29 October. Iveco said the offer will reopen from 2 November to 6 November.
Shareholders approved all resolutions put forward by Iveco’s board, including the reduction of the minimum acceptance threshold from 95% to 80%.
Separately, Tata Motors has partnered with Amazon to introduce 3,000 electric trucks into the retailer’s transport network in India.
Tata Motors said the Tata Ultra E.7 includes an integrated e-axle, CCS2 fast charging, regenerative braking, and a crash-tested cab with high-voltage safety systems.
The company said the vehicle is designed to offer “lower operating costs, higher uptime and a lower-emission alternative” for freight transportation.
