Key takeaways:
- Tata Motors secured provisional acceptances for 87.81% of Iveco’s share capital.
- The acquisition could raise commercial vehicle revenue beyond ₹2 trillion annually.
- The combined businesses expect annual sales exceeding 540,000 vehicles globally.
Tata Motors has crossed the key acceptance threshold for the Tata Motors Iveco deal, its €3.91 billion takeover of Italian commercial vehicle maker Iveco Group. Provisional acceptances reached 87.81% of the share capital, taking Tata Motors’ expected holding to 89.42%.
Tata Motors clears a major hurdle in the Iveco deal
Tata Motors secured the acceptances under its public tender offer, which closed on October 26. The offer was made through TML CV Holdings, an indirect wholly owned subsidiary of Tata Motors. The Tata Motors Iveco deal was first announced in July 2025 and faced delays linked to regulatory approvals.
Iveco reported that shareholders submitted 238,157,212 acceptances, representing approximately 87.81% of the shares covered by the offer. The final results are expected before the market opens on October 29. Iveco has also scheduled a reopening of the offer from November 2 to November 6.
The offer price stands at €14.40 per common share, including the initial €14.10 price and an additional €0.30. Both amounts include dividends.
A key change came at Iveco’s extraordinary general meeting on October 16. Shareholders approved all resolutions proposed by the board, including a reduction in the minimum acceptance threshold from 95% to 80%. Around 53% reportedly voted in favour of the deal, while 12% voted against it and 35% did not vote.
The acquisition had initially been expected to close by June 2026. Delays in regulatory approvals pushed back the timeline. Crossing the revised acceptance threshold now marks a major step in the takeover process, although the final results remain pending.
Global expansion could transform Tata Motors’ commercial vehicle business
The acquisition would give Tata Motors a wider presence in international commercial vehicle markets. Its commercial vehicle division currently earns nearly 90% of its revenue from India. Iveco, by comparison, operates across Europe, Latin America, and Asia Pacific.
Iveco has production facilities in Europe, China, Russia, Australia, and Latin America. Its distribution network spans 160 countries. The company generates annual revenue of around €10 billion, adding significant scale to Tata Motors’ commercial vehicle operations.
The combined businesses are expected to record annual sales of more than 540,000 vehicles and revenue exceeding $25 billion. The deal would also expand Tata Motors’ product range. Iveco brings electric buses, electric light commercial vehicles, and alternative fuel technologies to the combined business.
For Tata Motors, these additions would create opportunities to serve markets beyond India and strengthen its position across several commercial vehicle categories. The acquisition would also give the company access to Iveco’s established international production and distribution network.
Industry estimates suggest that the deal could nearly triple Tata Motors’ commercial vehicle revenue. The figure could rise from the current ₹77,000 crore to more than ₹2 trillion.
The final financial and operational impact will depend on the completion of the Tata Motors Iveco deal and the integration of the 2 businesses. The acceptance results bring Tata Motors closer to expanding its international commercial vehicle operations, while the remaining offer process and final results will determine the next steps.
