Tata Motors to Acquire Iveco Group in Strategic Partnership Deal

In order to become a global leader in this fast-paced industry, Iveco Group N.V. and Tata Motors have decided to form a commercial vehicles group with the reach, product line, and industrial capacity to do so.

TML CV Holdings PTE LTD or a new limited liability company that will be registered under Dutch law (the "Offeror"), which will be fully owned, either directly or indirectly, by Tata Motors, will make the suggested voluntary tender offer (the "Offer").

The public offer is for all issued common shares of Iveco Group at a price of EUR 14.1 (cum dividend, excluding any dividend distributed in relation to the sale of the defense business) per share in cash. The offer's completion is contingent upon the separation of Iveco's defense business. With the exception of Iveco's defense company and the net revenues from the defense business separation, the Offer represents a total consideration of around EUR 3.8 billion for the Iveco Group.

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Prior to any speculation about a potential offer, the volume-weighted average price for the three months ending July 17, 2025, was EUR 16.02. The Offer Price, plus the estimated extraordinary dividend to be paid to shareholders in connection with the sale of the defense business, represents a 22–25% premium. The offer has the unanimous endorsement of the Iveco Group Board of Directors, which suggests that the offer be accepted by Iveco's shareholders. There is financial certainty and a high degree of certainty that the deal will be completed because the offeror has committed finance in place for the full offer price.