Tata Motors takes 89.42% stake in Iveco, gains control of Italian CV maker

New Delhi: Tata Motors Ltd, formerly TML Commercial Vehicle Business, Friday said it has completed the initial settlement of its tender offer for Iveco Group, acquiring a controlling 89.42% stake in the Italian commercial vehicle maker and making it an indirect subsidiary.

In a regulatory filing, Tata Motors said its wholly owned arm TML CV Holdings BV now holds 238,157,212 common shares of Iveco Group, net of treasury shares. The all-cash offer was priced at €14.4 per share.

The deal marks a major global push for Tata Motors. Iveco, listed in Milan and headquartered in Amsterdam, employs 33,000 people across 16 industrial sites and 22 R&D centres. Its brands include IVECO trucks, powertrain specialist FPT, bus makers IVECO BUS and HEULIEZ, and the financing arm IVECO CAPITAL.


Iveco reported revenue of €13.43 billion (about ₹1.42 lakh crore) in 2025, down from €14.42 billion in 2024 and €15.98 billion in 2023. The 2023 figure includes defence business that is not part of the current transaction.

Tata Motors said the offer brings together two businesses with highly complementary product portfolios and capabilities, with substantially no overlap in industrial and geographic footprints. The company said this would create a stronger, more diversified entity with a significant global presence. It added that the acquisition is not a related party transaction.

Following the acquisition, Tata Sons chairman N. Chandrasekaran has become chairperson of the Iveco board. Tata Motors executives P B Balaji and Girish Wagh have joined as non-independent directors, while Guenter Butschek and Charles Nichols will serve as independent directors. Olof Persson will continue as chief executive.

Charles Nichols will chair the audit committee, while Butschek will head the compensation committee and Wagh the ESG committee.

Iveco has also adopted amended corporate governance documents.

All outstanding special voting shares were repurchased for no consideration, following approval at an extraordinary general meeting on October 16, leaving none outstanding.

The acceptance period will reopen for five trading days from November 2 to 6, allowing remaining shareholders to tender at the same price. Shares tendered then will be settled on November 13.

Tata Motors said it will announce post-offer steps in due course. Depending on the final stake, this could include a voluntary purchase procedure, a Dutch legal squeeze-out, or a post-offer demerger and liquidation, as set out in the offer document.

Iveco has also advanced the issue of its third quarter results to November 3 from November 5.

The euro-to-rupee figures in the filing were converted at ₹106.1 to the euro, the October 29 closing rate.