Tata Motors Completes Iveco Takeover Settlement With 89.42% of Ordinary Share Capital
Key Facts
Tata Motors announced the completion of the initial settlement on October 30, 2026, of its recommended voluntary takeover offer for Iveco, making the Italian group part of the Indian company, according to the settlement statement. The settlement covers shares tendered by shareholders during the offer acceptance period. The company is giving shareholders an additional opportunity to participate in the offer during a window spanning five trading days in November. Shares tendered during that window are due to be settled on November 13.
Tata launched the offer at 14.10 euros a share, before Iveco raised the price on October 9 to 14.40 euros, including distributions. Iveco said the adjustment added 0.30 euros in cash for each share tendered in the offer. The price adjustment came before shareholders approved resolutions concerning the acceptance threshold at an extraordinary general meeting on October 16. Under the resolutions, the minimum acceptance threshold fell from 95% to 80% of ordinary shares, if the company adopts the demerger and liquidation resolutions after the offer.
The changes on the settlement date also covered special voting shares that had been outstanding before then; Iveco repurchased them for no consideration on October 30. The action was based on an amendment to the terms of those shares and on the authorization of the extraordinary general meeting held on October 16, according to the company statement. Iveco thereby entered a new phase in its governance structure following its transfer to Tata Motors. The move shows that the settlement covered ownership and voting arrangements alongside the transfer of shares tendered in the offer. The statement did not specify further details in the available information about management changes linked to the transfer of control.
The deal comes as Iveco faces profitability and demand challenges, according to the company’s second-quarter results. It reported consolidated revenue of 3,764 million euros, up 7.3% year on year, while industrial revenue was 3,696 million euros, up 7.9%. Iveco attributed industrial revenue growth particularly to higher volumes in Europe. But it said its focus on quality investments weighed on short-term profitability, while it expected those investments to deliver “sustainable benefits” across its products and services. It also cited expected weakness in demand for light commercial vehicles and increased macroeconomic uncertainty.
Iveco said in July that it expected “a gradual recovery in profitability during the second half of 2026,” as the impact of quality investments and demand for light commercial vehicles were among the factors addressed in its results. The forthcoming third-quarter results will provide an update on performance following those expectations. The company had listed November 5, 2026, as the results announcement date before bringing it forward to November 3. Shares tendered during this period are due to be settled on November 13.