Tata Motors has moved a step closer to completing its €3.8 billion acquisition of Iveco Group after Italian market regulator Consob approved the offer document for the voluntary tender offer, allowing the shareholder acceptance process to begin on September 7.
The offer, being made through Tata Motors’ indirect wholly owned subsidiary TML CV Holdings B.V., will remain open until October 26, unless extended, according to an exchange filing.
Tata Motors is offering €14.10 per common share of the Italian commercial vehicle maker on a cum-dividend basis. Shareholders who tender their shares during the acceptance period are scheduled to receive payment on October 30, the fourth trading day after the offer closes.
If the applicable legal conditions are met, the offer period could reopen for another five trading days between November 2 and November 6. Payment for shares tendered during this additional window is scheduled for November 13.
The latest approval moves the transaction into the shareholder acceptance stage, more than a year after Tata Motors and Iveco announced the proposed deal in July 2025. Under the agreement, the Indian commercial vehicle maker agreed to acquire all common shares of Iveco Group, excluding its defence business, through an all-cash tender offer.
The Tata-Iveco deal would create a commercial vehicle group with annual volumes of more than 5.4 lakh units. The acquisition is aimed at substantially widening Tata Motors' global commercial vehicle presence, particularly in Europe and Latin America.
Tata Motors has said Iveco would also add capabilities in electric vehicles, alternative fuels, emissions technologies, ADAS, software-defined vehicles and connected fleet technologies. The companies also see scope to combine investments in areas such as electrification, alternative fuels and software.