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Tata Motors takes control of Iveco Group after securing 89.42 per cent of its common share capital through the tender offer
Iveco Group is now under Tata Motors control after the Indian automaker secured around 89.42 per cent of the commercial vehicle company through its tender offer. Settlement for shares tendered during the initial acceptance period was completed on October 30, 2026 as it places 2,38,157,212 Iveco common shares in the hands of TML CV Holdings B.V.
Iveco Group N.V. is a global commercial vehicle and mobility company headquartered in Turin, Italy with its statutory seat in Amsterdam, the Netherlands. Its operations compose light, medium and heavy commercial vehicles, buses, fire-fighting and defense vehicles, propulsion systems and related financial services. The takeover proves to be one of the biggest acquisitions from the homegrown auto major.
Tata Motors offered EUR 14.4 in cash for each Iveco common share on a cum-dividend basis. TML CV Holdings B.V. operates under TML CV Holdings Pte. Ltd., the Tata Motors entity used for the transaction. Iveco officially became part of Tata Motors once settlement of the initial tendered shares was completed. It must be noted that changes at board level took effect immediately after Tata Motors secured control.
N. Chandrasekaran now serves as Chairperson and Senior Non-Executive Director of Iveco Group. Olof Persson stays on as Chief Executive Officer and Executive Director. Tata Motors Group CFO P. B. Balaji and Executive Director Girish Wagh have joined the board as non-independent directors. Guenter Butschek and Charles Nichols serve as independent directors.
Iveco has also reconstituted its board committees under the new governance structure. Charles Nichols chairs the Audit Committee who is supported by P. B. Balaji and Guenter Butschek. Butschek heads the Compensation Committee and is joined by Balaji and Nichols. In addition, Girish Wagh chairs the ESG Committee alongside Butschek.
Shareholders who did not tender their Iveco stock during the first acceptance window get another opportunity from November 2 to November 6, 2026. Settlement for shares tendered during the reopened period is scheduled for November 13. Subsequent ownership steps could involve a voluntary purchase procedure, Dutch legal squeeze out or post offer demerger and liquidation based on the stake secured after the second window closes.
Corporate changes extend to Iveco Special Voting Shares as well. All outstanding Special Voting Shares immediately before settlement were repurchased for no consideration under terms authorised at the Extraordinary General Meeting on October 16. Iveco moves forward without Special Voting Shares in issue. The transaction gives Tata Motors control of one of Europes established commercial vehicle groups. It enables Tata immediate access to Europe – a competitive and premium marketplace.
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