Exor backs the deal: green light for the Tata–Iveco mega‑operation
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A move that shifts the balance of the global commercial‑vehicle industry. Through its subsidiary TML CV Holdings B.V., Tata Motors has launched a full cash tender offer for Iveco Group’s ordinary shares, proposing €14.10 per share. The operation, formalized in an official joint release, marks the beginning of a process that could transform Iveco into a fully private company, delisted from Euronext Milan.
The acceptance period runs from 7 September to 26 October 2026, while the Extraordinary Shareholders’ Meeting is scheduled for 16 October.
Iveco’s Board of Directors has expressed unanimous support, describing the offer as aligned with the long‑term interests of the group, its employees, customers and shareholders. Strengthening this position is Exor’s irrevocable commitment, covering 27.06% of ordinary shares and 43.19% of voting rights — a decisive industrial signal that makes the completion of the operation highly likely.
The press release confirms that all Antitrust, FDI, FSR and preventive approvals have been obtained, clearing regulatory obstacles and enabling a smooth integration.
The combination between Iveco and Tata Motors’ commercial‑vehicle business is designed to complement, not overlap. The new group will count 590,000 vehicles sold per year, €21 billion in combined revenues, and a balanced presence across Europe (46%), India (32%), South America (8%), and the rest of the world (14%).
A global platform capable of investing more aggressively in future technologies, reducing cash‑flow volatility, and strengthening FPT, Iveco’s powertrain division.
The operation now enters its formal phase, with the publication of the Offer Document approved by Consob, available on the websites of Tata Motors, Iveco Group and the designated offices. The tender offer is also extended to the United States, where it must comply with the Securities Exchange Act, confirming both the international scope of the deal and the complexity of its regulatory framework.
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