Overview

• Shareholders are being offered €14.10 per share in cash plus a special dividend of €5.50 to €6.00 per share, representing a premium of 22–25% on the three-month average price.
• Iveco’s defense division is excluded from the deal and will be sold to Leonardo for €1.7 billion, with that transaction expected to close in the first quarter of 2026.
• The acquisition of the commercial vehicles arm is subject to regulatory approvals and due to complete in Q2 2026, after which Iveco will be delisted from Euronext Milan and become a wholly owned Tata Motors subsidiary.
• The combined company is projected to generate about €22 billion in annual revenues, with roughly half in Europe, 35% in India and 15% in the Americas.
• Tata Motors has committed to preserve Iveco’s Turin headquarters, its workforce and existing labor and pension agreements for at least two years.