Tata Motors launches all-cash offer for Iveco; acceptance opens September 7
Tata Motors will offer 14.10 euros per common share to acquire all shares of Italian commercial vehicle maker Iveco Group, with the acceptance period running from September 7 to October 26
Indian automaker Tata Motors has initiated a tender offer for Italy's truck and bus manufacturer Iveco, according to a statement released after approval from Italian regulator Consob. The tender period extends from September 7 to October 26, with a potential five-day extension from November 2 to November 6, depending on certain conditions, as reported by Iveco.
This acquisition follows Tata Motors' €3.8 billion ($4.4 billion) deal to purchase Iveco's commercial vehicle business last year. The agreement stipulates that Tata Motors will pay €14.10 per Iveco share in cash. Notably, the offer has the endorsement of Iveco's largest shareholder, Exor, the holding company of the Agnelli family, which holds a 27.1% stake in the Turin-based firm.
The Italian truck and bus maker's takeover is part of a larger transaction wherein Iveco had previously sold its IDV defence business to Italy's state-backed defense group Leonardo for €1.7 billion.
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