Tata Motors Raises Iveco Stake To 96.29%, Plans Squeeze-Out

Tata Motors, through its wholly owned subsidiary TML CV Holdings B.V., has provisionally increased its shareholding in Iveco Group N.V. to 96.29% of the company's common share capital, excluding treasury shares, following the conclusion of the reopening period of its voluntary tender offer.

According to a November 7, 2026, regulatory filing by Tata Motors, shareholders tendered 18.31 million additional Iveco common shares during the reopening period, representing approximately 6.75% of the company's common share capital. The shares have an aggregate consideration of €263.65 million based on the revised offer price.

The latest acceptance takes the offeror's total holding to 256.47 million shares, equivalent to approximately 96.29% of Iveco's common share capital, excluding treasury shares. This includes 238.16 million shares, or 87.81%, tendered during the initial acceptance period.

The provisional results were communicated by BNP Paribas' Italian branch, which coordinated the collection of acceptances. Final results are expected to be announced by November 12, 2026.

Iveco Tender Offer Price Revised To €14.40 Per Share

Tata Motors had revised its offer on October 9, 2026, by increasing the consideration by €0.30 per share. The revised offer price stands at €14.40 per common share, compared with the original €14.10.

The revised consideration includes the additional cash component of €0.30, with both amounts specified on a cum-dividend basis.

Payment for shares tendered during the reopening period is scheduled for November 13, 2026, against the simultaneous transfer of ownership to the offeror.

Tata Motors To Initiate Dutch Legal Squeeze-Out

With its provisional shareholding exceeding the 95% threshold, TML CV Holdings B.V. has announced plans to initiate a Dutch legal squeeze-out covering Iveco's remaining outstanding common shares, subject to confirmation of the provisional results.

The offeror had previously stated in its offer document that it did not intend to restore a sufficient public float to support regular trading in Iveco shares.

The squeeze-out process may be preceded, at the offeror's discretion, by the implementation of a demerger and a share sale. Details regarding the timeline, terms and execution of these steps will be communicated separately.

Borsa Italiana is expected to order the suspension of trading in Iveco's common shares and/or their delisting, taking into account the time required to complete the squeeze-out and any associated demerger or share sale.