EL7.AI
Mergers & AcquisitionsMedium•3 November 2026•
3 min read

Tata and Iveco Begin Combined Operations After Initial Acquisition of 89.42% of Shares

Key Facts

1After the initial settlement, the bidder held 89.42% of Iveco’s ordinary share capital, excluding treasury shares.
2The offer was reopened for five trading days, from November 2 to 6, 2026, with November 13 set for settlement of shares tendered during that period.
3Iveco’s 2025 revenue from continuing operations was 13.4 billion euros, down 7%, with an adjusted operating margin of 4.8%.
4Iveco listed its third-quarter 2026 results on its calendar for November 3, 2026.

Tata Motors and Iveco Group announced on November 3 that they had begun combined operations, placing the two companies under one umbrella in the commercial vehicle sector. The announcement followed the initial settlement of the offer on October 30, under which the bidder’s stake reached about 89.42% of Iveco’s ordinary share capital, excluding treasury shares, according to the company’s statement. The start of operations did not mean the offer had ended; it was reopened for five trading days from November 2 to 6. Shares tendered during the reopening period are scheduled to be settled on November 13, according to Iveco. The company said the combination aims to accelerate innovation, broaden market access and develop cleaner, smarter mobility solutions.

The start of combined operations marks the latest operational phase in a deal announced as bringing together complementary capabilities, global reach and a shared strategic vision for long-term growth. Iveco said the combination aims to broaden market access, accelerate innovation and develop cleaner, smarter mobility solutions. These remain company-stated objectives, while the announcement of the start of operations included no figures on the combined entity’s performance or financial results arising from the integration. The recommended offer was a cash offer for Iveco ordinary shares, and its completion was conditional on the separation of the company’s defense business. The original announcement set the offer price at 14.1 euros in cash per share, excluding any distributions related to the sale of the defense business.

The deal comes as Iveco’s 2025 results showed pressure on its continuing operations. Consolidated revenue was 13.4 billion euros, down 7% from the previous year, while the adjusted operating margin was 4.8%, according to the company’s annual results. Iveco’s chief executive described 2025 as “a difficult year for our industry,” citing a downturn in the European market for light commercial vehicles and heavy trucks. The company also attributed the delayed ramp-up in bus production at its Annonay plant to challenges it faced during the year. These results provide financial context for the start of combined operations, without reflecting the group’s performance after the combination.

Iveco said the combination would preserve its headquarters in Turin, along with its brands, teams and industrial footprint, and that Tata would support Iveco’s existing strategy and investment plans. This reflects the stated vision of continuing the Italian company’s identity and operations under the new arrangement, alongside the two parties’ stated aim of expanding their global reach. Tata’s ownership after the offer’s reopening period will depend on the shares shareholders tender by November 6 and their scheduled settlement on November 13. Iveco had listed its third-quarter 2026 results on its corporate calendar for November 3. This places the quarterly results among the company’s near-term developments, alongside the start of combined operations and the continued offer period.