Tata Motors acquires 89.42% of Iveco shares, creating the fourth largest commercial vehicle group

Tata Motors announced the completion of the initial phase of its tender offer for the Italian commercial vehicle manufacturer Iveco Group, acquiring an 89.42 percent stake and thereby bringing the European company under its control. The process of buying out the remaining minority shareholders is ongoing.

The acquisition was executed through a wholly-owned indirect subsidiary of Tata Motors, TML CV Holdings B.V., and involved 238.16 million shares at a price of 14.40 euros per share. According to regulatory filings, following this transaction, Iveco became an indirect subsidiary of Tata Motors.

This development occurred amid objections from some minority shareholders regarding the valuation of Iveco. Investment activist Petrus Advisers questioned the proposed price, arguing that it undervalued the company. In response, Tata Motors increased its offer price from 14.10 euros to 14.40 euros per share earlier this month.

Since approximately 10.58 percent of Iveco's common equity, excluding treasury shares, remains outside Tata Motors' ownership, the company will resume the tender offer for five trading days—from November 2 to November 6. Calculations for shares offered during this additional period are scheduled for November 13.

Tata Motors stated that more detailed information about the post-offer process, including potential voluntary buyback procedures, Dutch legal buyouts, or subsequent spin-off and liquidation, will be announced in due course.

The completion of the initial settlement also brought changes to Iveco's board structure and corporate governance. N Chandrasekaran, Chairman of Tata Sons, has been appointed as the non-executive Chairman of Iveco, while P B Balaji, CFO of Tata Motors Group, and Girish Wagh, CEO of Tata Motors, joined the board as non-executive directors.

Olof Persson will continue to serve as Iveco's Chief Executive Officer. The six-member board also includes independent directors Gunther Butschek and Charles Nichols.

Iveco stated that all outstanding preferred voting shares were bought out without compensation, eliminating their presence after the acquisition. The company also postponed the announcement of third-quarter financial results to November 3 instead of November 5.

This acquisition marks a significant step in Tata Motors' international expansion into the commercial vehicle segment, merging its presence in India and emerging markets with Iveco's established operations in Europe and other international markets.

Iveco, which reported revenues of 13.43 billion euros for calendar year 2025, employs approximately 33,000 people and operates 16 industrial sites and 22 research and development centers. Its business covers trucks, buses, powertrains, and vehicle financing.

Tata Motors noted that this merger will create a more diversified global commercial vehicle business with complementary product portfolios and limited overlap in geographical and industrial operations.

October 28, 2026, will be an important day for the Indian stock market as Jio Platforms Limited, a major digital and telecommunications player in the country, prepares to go public. Investors from around the world are eagerly awaiting this listing.

The company's IPO has attracted significant attention due to its high valuation of 10.3 lakh crore rupees. The IPO saw the issuance of 270 million new shares at a price of 1,119 rupees per share. Based on the initial IPO valuation, Jio Platforms became the fourth largest company in the country, following Reliance Industries (16.2 lakh crore rupees), Bharti Airtel (12.2 lakh crore rupees), and HDFC Bank (10.6 lakh crore rupees).

The main interest is focused on the stock prices on the listing day, which falls on Wednesday. According to market analysts and trends in the 'grey market', if Jio's shares debut with a 20% premium, meaning at approximately 1,340 rupees per share, the total market value of the company will exceed 12.3 lakh crore rupees. With such growth, Jio Platforms would take the second position among India's most valuable companies, right after its parent company Reliance Industries.

This massive listing by Jio will strengthen the status of the entire Reliance group. The combined market capitalization of Jio and Reliance Industries (RIL) will exceed 27 lakh crore rupees. By reaching this mark, the Reliance group will surpass other major business houses in the country. As of October 27, 2026, the combined market capitalization of all 32 public companies of the Tata Group was about 25.7 lakh crore rupees, and the capitalization of 11 companies of the Adani Group was approximately 16.6 lakh crore rupees. If Jio's listing occurs with a higher than expected premium level, the Reliance group will approach the 'magic' mark of 30 lakh crore rupees.

This IPO is not just a story of one company going public, but also a testament that Indian companies have reached a global level in terms of valuation. This historic event is being closely watched by retail investors, large funds, and market giants across the country.

The Indian company Tata Motors' proposal to acquire the Italian truck manufacturer Iveco has successfully surpassed the required 80% acceptance threshold. According to a report from the Italian stock market, the level of support reached 87.8% on the last day of the offer.

According to preliminary data announced by both companies, Tata Motors now owns 89.42% of Iveco's common stock. Final results will be announced before the opening of trading on October 29.

Iveco reported that the tender offer will be resumed between November 2 and 6. The initial tender concluded on Monday and began on September 7.

Previously, the offer price was increased to 14.40 euros per share from the previous 14.10 euros on October 9. Last year, Tata Motors agreed to acquire Iveco's commercial vehicle division as part of a deal worth 3.8 billion euros.