Overview

• Leonardo has finalized a €1.7 billion acquisition of Iveco Defence, with closing expected in the first quarter of 2026 subject to regulatory clearance.
• Tata Motors opened a voluntary tender offer valuing Iveco Group’s commercial-vehicle arm at about €3.8 billion, excluding defence activities, and secured Exor’s irrevocable support for its 27.06 percent stake.
• The combined commercial-vehicle group is projected to sell over 540,000 units annually and generate roughly €22 billion in revenue across Europe, India and the Americas.
• Italy’s golden-power review and additional antitrust assessments must clear both transactions due to the defence division’s strategic importance and foreign ownership concerns.
• Italian labor unions have objected to the split-and-sell process without consultation and urged government intervention to safeguard jobs at 19 sites employing 36,000 workers.