Tata Motors secures 89.42% of Iveco, expands global CV footprint
The initial settlement marks a major step in the Indian automaker’s international expansion, with a reopened offer window scheduled for November 2 to 6.
Tata Motors has completed the initial settlement of its tender offer for Italian commercial vehicle maker Iveco Group, securing an 89.42% stake and bringing the company into its fold. The offer, made through Tata Motors’ wholly owned subsidiary TML CV Holdings B.V., was priced at 14.4 Euros per share in cash, including dividends. Following settlement of shares tendered during the initial acceptance period, the subsidiary holds 238.16 million common shares in Iveco, equivalent to 89.42% of its common share capital, excluding treasury shares.
