Tata Motors completed the initial settlement of its voluntary recommended tender offer for Iveco Group N.V. on Friday, acquiring an 89.42 percent equity stake.
238.16 million common shares of Iveco were settled at a cash price of 14.4 Euros per share. Following the settlement, Iveco Group has become an indirect subsidiary of Tata Motors.
Following the settlement, Tata Motors has restructured the board of directors and governance framework at Iveco Group. Natarajan Chandrasekaran has been appointed as Non-Executive Director and Chairperson, while Olof Persson continues as Executive Director and Chief Executive Officer. P. B. Balaji and Girish Wagh have joined the board as Non-Executive Directors, alongside Guenter Butschek and Charles Nichols as Independent Directors. Additionally, all outstanding special voting shares of Iveco Group were repurchased for no consideration, leaving no special voting shares outstanding.
Acceptance for the tender offer will reopen for five trading days from November 2 to November 6, 2026, with the final settlement of shares tendered during this period scheduled for November 13, 2026.