Iveco shareholders approve Tata Motors takeover
Italian commercial vehicle manufacturer Iveco Group's shareholders approved key resolutions at an extraordinary meeting in Amsterdam on Friday, paving the way for Tata Motors' acquisition of the company. The Indian auto giant raised its offer price for Iveco from EUR 14.10 to EUR 14.40 per share, following an initial offer made through Tata Motors Limited CV Holdings Pte Ltd and B.V.
The acquisition, initially valued at around EUR 3.82 billion, aims to bolster Tata Motors' global commercial vehicle presence with Iveco's established operations and product portfolio.
Shareholders approved amendments to the company's articles of association, the appointment of new board members following the offer's settlement, and changes to its special voting shares and loyalty voting structure. A crucial modification reduces the minimum acceptance threshold for the offer from 95% to 80% of Iveco's common shares. The approval of this "back-end" resolution could lead to a post-offer demerger, where Iveco could be sold and subsequently dissolved, subject to certain conditions being met.
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