News ArticleTata Motors' Subsidiary Secures 96.29% Stake in Iveco Group Through Tender Offer
Provisional results show 18.3 million shares tendered in reopening, payment set for 13 November 2026 with Dutch squeeze-out pending
Tata Motors Limited's indirect wholly owned subsidiary, TML CV Holdings B.V., has provisionally acquired approximately 96.29% of Iveco Group N.V.'s common shares through a voluntary totalitarian tender offer, following a reopening of terms with 18,309,029 shares tendered, representing 6.75% of Iveco's common share capital. Payment is scheduled for 13 November 2026, with a Dutch legal squeeze-out process planned for remaining shares.
Tata Motors Limited
Acquisition / Amalgamation / Merger / Demerger
Tata Motors Limited's indirect wholly owned subsidiary, TML CV Holdings B.V., has provisionally increased its ownership in Iveco Group N.V. to approximately 96.29% of the company's common share capital following a reopening of terms in their voluntary totalitarian tender offer.
The reopening of terms, which ended on 7 November 2026, saw 18,309,029 common shares tendered, representing about 6.75% of Iveco Group's common share capital. This addition brings the offeror's total shareholding to about 96.29%, net of treasury shares.
The purchase price per common share was set at EUR 14.40, combining the initial offer price of EUR 14.10 plus an additional EUR 0.30 cash component announced earlier in October 2026.
The payment date for shares tendered during the reopening is scheduled for 13 November 2026. If confirmed, Tata Motors' subsidiary intends to proceed with a Dutch legal squeeze-out of the remaining shares to consolidate full ownership.
The offer and its amendments are governed by Italian Legislative Decree No. 58 and relevant regulations, with BNP Paribas acting as the intermediary coordinating acceptance collection.
Highlights
- 18,309,029 common shares tendered during reopening, representing 6.75% of share capital.
- Total provisional shareholding reached approximately 96.29% of Iveco Group's common shares, excluding treasury shares.
- Offer price increased to EUR 14.40 per common share including cash component.
- Payment for reopening acceptances scheduled for 13 November 2026.
- Dutch legal squeeze-out process to commence for remaining shares following offer confirmation.
Key Data Snapshot
What happened
- TML CV Holdings B.V., a wholly owned subsidiary of Tata Motors Limited, acquired a provisional stake reaching approximately 96.29% in Iveco Group N.V. following the reopening of a voluntary totalitarian tender offer.
- During the reopening ended on 7 November 2026, 18,309,029 common shares were tendered, representing 6.75% of Iveco Group's share capital.
- The tender offer price was adjusted to EUR 14.40 per share, combining the initial EUR 14.10 offer with an additional cash component of EUR 0.30.
- Payment for shares tendered in the reopening is set for 13 November 2026.
- A Dutch legal squeeze-out process will begin to acquire remaining shares once the offer is confirmed.
Transaction details
- The tender offer is conducted pursuant to Italian Legislative Decree No. 58/1998 and regulated under the Issuers' Regulation.
- BNP Paribas Italian Branch coordinated the collection of acceptances during the reopening.
- The total common shares of Iveco Group subject to the offer number 271,215,400 shares.
- Treasury shares amount to 4,868,597, approximately 1.80% of share capital, and are excluded from the calculation of the percentage acquired.
- The offeror has declared no common shares have been purchased outside the offer since the offer document date of 4 September 2026.
Next milestones
- Final results of the reopening will be announced by 7:29 a.m. CET on 12 November 2026.
- Payment to shareholders tendering shares in the reopening will be made on 13 November 2026.
- Following confirmation of the stake exceeding 95%, Tata Motors' subsidiary will initiate the Dutch legal squeeze-out to acquire remaining shares.
- Borsa Italiana will suspend trading and order delisting of Iveco Group shares following completion of the squeeze-out process.
Highlights
- 18,309,029 common shares tendered during reopening, representing 6.75% of share capital.
- Total provisional shareholding reached approximately 96.29% of Iveco Group's common shares, excluding treasury shares.
- Offer price increased to EUR 14.40 per common share including cash component.
- Payment for reopening acceptances scheduled for 13 November 2026.
- Dutch legal squeeze-out process to commence for remaining shares following offer confirmation.
Disclosures
- SEBI Listing Regulations Regulation 30
- Italian Legislative Decree No. 58 of 24 February 1998
- Issuers' Regulation Resolution No. 11971 of 14 May 1999
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