Tata Motors has secured the decisive shareholder backing for its €3.91-billion takeover of Italian truck-maker Iveco after investors representing 87.81 per cent of its equity accepted the offer on Monday, overcoming minority shareholder resistance and clearing the biggest hurdle in its 15-month pursuit. The acquisition sets the stage for a global commercial-vehicle group with combined annual revenue of approximately €21 billion and sales exceeding 590,000 vehicles.
A Teleborsa update published on Borsa Italiana’s website on October 26 confirmed that 238,157,212 shares had been tendered. “Complessivamente le richieste di adesione raggiungono quota 238.157.212, pari al 87,81% circa,” it stated, meaning total acceptances had reached 238,157,212 shares, equivalent to approximately 87.81 per cent.
The final results of the offer will be announced on 29 October at 7.29 a.m. CET (11.59 a.m. IST), TML CV added in the release.
In a regulatory filing, the Tata Motors subsidiary said, after including Iveco’s treasury shares, which accounts for 1.80 per cent of its share capital, TML CV’s potential holding stands at 89.42 per cent, net of treasury shares.
The acceptance comfortably exceeded the revised 80 per cent threshold, paving the way for settlement and integration of the two businesses. First announced in July 2025, the transaction carries an estimated enterprise value of $4.5 billion.
Tata Motors Managing Director and CEO Girish Wagh had anticipated the late surge. “As is typically seen in tender offer processes, a significant proportion of shares tend to be tendered towards the very end of the acceptance period, particularly in the final 24 to 48 hours,” he told investors on Friday.
Shareholder acceptance jumped from approximately 52 per cent on October 23 to 87.81 per cent on October 26, reflecting a sharp increase in participation towards the deadline.
Exor, the Agnelli family’s investment company and Iveco’s largest shareholder, had already committed its 27.06 per cent holding. However, activist investor Petrus Advisers challenged the valuation, arguing that Tata’s offer undervalued Iveco.
Tata raised its offer from €14.10 to €14.40 per share on October 9, an increase of 2.1 per cent, describing the revised consideration as its best and final price.
The October 16 shareholder meeting proved crucial, approving resolutions that lowered the minimum acceptance requirement from 95 per cent to 80 per cent and established an alternative route to full ownership.
The acquisition would expand Tata’s presence in Europe and Latin America while adding Iveco’s specialised heavy-duty trucks, tractor-trailers and engineering capabilities to its portfolio.
Europe would account for approximately 46 per cent of combined revenue, and India 32 per cent, with South America and other markets contributing the remainder.
The businesses’ complementary geographic presence would allow Tata to expand into markets where it currently has limited operations while strengthening Iveco’s access to India, Africa and emerging economies.
Iveco’s defence business, being sold separately to Leonardo, is excluded from the transaction.
Integration and cost savings
Tata’s next challenge will be translating the enlarged group’s scale into operating efficiencies.
Opportunities include sharing engineering platforms, reducing duplicated product-development expenditure and sourcing components more competitively from Asia and Eastern Europe.
Tata Sons Chairman N. Chandrasekaran, P.B. Balaji and Girish Wagh are among the executives expected to join Iveco’s board following completion, subject to applicable governance arrangements.
The reported acceptance leaves approximately 12.19 per cent of Iveco shares outside the tendered holding.
Under the approved transaction structure, Tata can pursue a post-offer demerger and liquidation mechanism to achieve full ownership and delisting. Acceptance of 95 per cent or more would permit the envisaged Dutch legal squeeze-out route.
The published timetable provides for settlement on October 30, subject to formal confirmation that the offer conditions have been satisfied or waived.
For Tata Motors, the focus now shifts from winning shareholder support to integrating the two businesses, preserving Iveco’s industrial capabilities and delivering the financial benefits promised to investors.
Published on October 27, 2026
