Overview

• Tata Motors’ board endorsed the €3.8 billion purchase of Iveco’s commercial vehicle operations through its Dutch subsidiary TML CV Holdings PTE LTD.
• The voluntary tender offer values each Iveco share at €14.1 in cash, reflecting a 22–25% premium on the adjusted three-month volume-weighted average price.
• Iveco’s defense division will be separated and sold to Leonardo by March 2026 to address national security and regulatory concerns.
• Iveco’s board unanimously recommended the offer and Exor N.V. has irrevocably committed its 27.06% shareholding to the tender.
• Once it secures merger control, foreign direct investment and EU subsidy clearances, the combined group is projected to generate €22 billion in annual revenues and sell 540,000 vehicles.