Tata Motors’ Iveco Deal Clears Key Regulatory Hurdle

Tata Motors has secured all prior authorisations required under the sector regulatory framework for its proposed tender offer to acquire all the common shares of Iveco Group, clearing an important regulatory hurdle for the transaction.

TML CV Holdings B.V., an indirect wholly owned subsidiary of Tata Motors, confirmed that the required sector-level approvals have been obtained, according to a regulatory filing by the automaker. 

The latest clearance came from the European Central Bank, which on September 1 authorised the acquisition of indirect qualifying holdings in IC Financial Services SA and CNH Industrial Capital Europe S.A.S. Both entities are authorised in France as specialised credit institutions. 

Earlier, the UK’s Financial Conduct Authority had on January 5 approved the change in control of IVECO Retail Limited and IC Financial Services UK Limited. This was followed by the Bank of Spain on June 24 giving its non-objection to the acquisition of an indirect qualifying holding in Transolver Finance, a financial credit institution. 

“All prior authorisations required by the sector regulatory framework in relation to the Offer were obtained,” the company said.

The transaction will now move towards publication of the formal offer document. Tata Motors said the document will be published after Consob, Italy’s securities market regulator, completes its review. 

Offer through Wholly Owned Subsidiaries

The voluntary tender offer is being promoted by TML CV Holdings Pte. Ltd. through its wholly owned subsidiary TML CV Holdings B.V. and covers all common shares of Iveco Group. 

TML CV Holdings had informed Consob and the market of its decision to make the offer on July 30, 2025. The earlier communication set out the legal requirements, terms and essential elements of the proposed transaction. 

The offer will be made on equal terms to all holders of Iveco’s common shares. It will be launched in Italy and extended to shareholders in the United States in accordance with applicable US securities regulations. 

The latest development marks progress in Tata Motors’ proposed acquisition process, although the filing specifically refers to approvals required under the sector regulatory framework. The offer document still awaits completion of Consob’s review before the tender process can proceed.