Tata Motors has crossed the minimum acceptance threshold for its proposed acquisition of Iveco Group, with provisional results showing that shareholders have tendered shares that would give the Indian commercial vehicle maker an 89.42% stake, excluding treasury shares.
Iveco shareholders tendered 238.16 million shares during the offer period, which closed on October 26, Tata Motors said in a stock exchange filing. At the revised offer price of €14.40 per share, the tendered shares are worth approximately €3.43 billion.
The result marks a significant step towards Tata Motors’ proposed acquisition of the European commercial vehicle maker. The transaction remains subject to confirmation of the final results and the fulfilment or waiver of the other offer conditions.
The offer is being made through TML CV Holdings B.V., an indirect wholly owned subsidiary of Tata Motors.
Offer Threshold Met
The tendered shares represent 87.81% of Iveco’s total ordinary share capital. Excluding treasury shares held by Iveco, they represent 89.42% of its ordinary share capital.
The offer originally required acceptances representing at least 95% of Iveco’s issued and outstanding ordinary share capital, calculated on a fully diluted basis and excluding treasury shares. The threshold was automatically reduced to 80% after shareholders approved a back-end resolution at an extraordinary general meeting on October 16.
Tata Motors said the threshold condition would be satisfied if the provisional results were confirmed. It will announce the final results and the status of the remaining offer conditions by October 29.
The company raised its offer on October 9 to €14.40 per share from €14.10, adding €0.30 per share to the cash consideration.
Subject to the offer conditions, payment for shares tendered during the initial acceptance period and their simultaneous transfer to Tata Motors’ subsidiary are scheduled for October 30.
Offer to Reopen in November
If the provisional results are confirmed and subject to the remaining offer conditions, the offer will reopen from November 2 to November 6. This will give Iveco shareholders who have not yet tendered their shares another opportunity to do so.
Payment for shares tendered during the reopened period is scheduled for November 13.
A Larger Global Footprint
For Tata Motors, the acquisition would provide a substantial foothold in Europe and expand its presence in South America, giving the company a more geographically diverse business alongside its strong position in India.
The combination is expected to make Tata Motors the world’s fourth-largest truck manufacturer by volume in the above-six-tonne segment, bringing it closer to its ambition of entering the global top three.
Iveco would also bring a range of trucks and buses, as well as its FPT Industrial powertrain business, which supplies engines and technologies for commercial vehicles and other applications.
The larger scale could help the two companies spread investments in new technologies across a wider product range and customer base.
When the tender offer was launched in September, the companies said that their combined commercial vehicle businesses had revenues of approximately €21 billion, with Europe accounting for around 46% and India 32%. South America contributed about 8%, with the rest coming from other markets.
Iveco’s defence business is outside the scope of the acquisition, having been transferred to Italian defence group Leonardo in March 2026.