Tata Motors Ltd, the former TML Commercial Vehicles, completed the initial settlement of its cash tender offer for Iveco Group on Friday. It now holds about 89.42 per cent of the Amsterdam-headquartered company, which becomes an indirect subsidiary.
The shares are held through TML CV Holdings B.V., a wholly owned unit of TML CV Holdings Pte Ltd. It owns 238,157,212 common shares, net of treasury shares, bought at €14.4 each. That values the stake at roughly €3.43 billion, or about ₹36,400 crore at the ₹106.1-to-the-euro rate used in the company's stock exchange filing.
Tata Motors says the two businesses have highly complementary product ranges and almost no overlap in industrial or geographic footprint. Iveco makes heavy, medium and light trucks, and buses under the Iveco Bus and Heuliez brands. Its FPT unit supplies powertrains for farm, construction, marine and power-generation uses, and Iveco Capital provides financing. The group employs 33,000 people across 16 industrial sites and 22 R&D centres.
For Tata Motors, which operates in India and South Korea and sells across Africa, the Middle East, Latin America, Southeast Asia and the SAARC region, the deal adds an Italian manufacturing and engineering base. It is also the first major transaction by the commercial vehicle company since a court-sanctioned scheme separated it from the passenger vehicle business. Its name changed from TML Commercial Vehicles to Tata Motors in October 2025.
Iveco's revenue has been shrinking. It fell from €15.98 billion in 2023 to €14.42 billion in 2024 and €13.43 billion in 2025. The 2023 figure includes defence revenue, which is not part of the transaction, so the decline is less steep on a like-for-like basis.
Governance changes took effect immediately. N Chandrasekaran chairs the six-member Iveco board, and Olof Persson remains chief executive. P B Balaji and Girish Wagh sit as non-independent directors, with Guenter Butschek and Charles Nichols as independent directors. Nichols chairs the audit committee, Butschek the compensation committee and Wagh the ESG committee. All special voting shares were repurchased for no consideration, leaving none outstanding.
Iveco has also brought forward its third-quarter results from November 5 to November 3, giving the first look at the business under its new owner.
The offer, set out in a document published on September 4, was launched in Italy and extended to the United States. The acceptance period reopens for five trading days from November 2 to 6, with settlement for those shares on November 13.
Tata Motors has said it will announce further post-offer steps in due course. They include a voluntary purchase procedure, a Dutch legal squeeze-out of remaining shareholders, or a post-offer demerger and liquidation. The filing does not spell out how the two companies will be integrated.
