Tata Motors Sets Iveco Stake at 96.25%, Moves Ahead With Squeeze-Out

Tata Motors has set its shareholding in Iveco Group to 96.25% after it secured 18,203,217 additional shares during the reopening of its tender offer.

The final results, announced on Monday, confirm that the company has crossed the 95% ownership threshold required to initiate a Dutch legal squeeze-out of the remaining shares.

The additional shares tendered during the reopening period represented approximately 6.71% of Iveco's ordinary share capital and carried an aggregate consideration of €262.13 million.

This takes the total number of shares held by TML CV Holdings to 256,360,429, following the acceptance of 238,157,212 shares during the initial offer period, equivalent to approximately 87.81% of the company's ordinary share capital.

The final acceptance figure was 105,812 shares lower than the provisional number announced on November 6. The resulting shareholding of 96.25% is calculated after excluding Iveco's 4,868,597 treasury shares, which account for approximately 1.80% of its ordinary share capital.

With the threshold crossed, TML CV Holdings has confirmed that it will initiate the Dutch legal squeeze-out for the remaining 9,986,374 ordinary shares, representing approximately 3.68% of Iveco's share capital.

The company stated that it "will commence the Dutch Legal Squeeze-Out in respect of the remaining outstanding Common Shares that are not yet held by the Offeror".

The company has also clarified that the squeeze-out will not be preceded by the proposed demerger and share sale. The filing states that the "Dutch Legal Squeeze-Out will not be preceded by the implementation of the Demerger and Share Sale". The timeline, procedures and terms of the squeeze-out will be communicated through a separate announcement.

The tender offer price remains €14.40 per share, comprising the original €14.10 offer price and an additional €0.30 cash consideration announced on October 9. Payment for shares tendered during the reopening period is scheduled for November 13, 2026, against the simultaneous transfer of ownership to the offeror.