'Last & final': TaMo rules out raising Inveco bid

Mumbai: Tata Motors has confirmed that its €14.40 per share offer to acquire Iveco Group is "last and final", CEO Girish Wagh declared on Friday, dismissing any possibility of raising the bid even with pressure from minority shareholders. The offer was previously revised this month to account for a four-month delay in obtaining regulatory approvals.

Tata Motors had raised its bid from €14.10 per share to €14.40 on October 9, branding it as its best and final offer. When asked if minority shareholders' demands could jeopardize the deal, Wagh expressed confidence following Iveco's approval of all resolutions at an extraordinary general meeting earlier this month. The company is confident of reaching the 80% acceptance threshold required for the acquisition.

Iveco shareholders approved the resolutions on October 16, including measures that reduced the minimum acceptance threshold for Tata Motors' offer to 80% from 95%. The deal, a cash transaction valued at around €3.8 billion, includes Iveco's commercial vehicle business but excludes its defence operations. Tata Motors announced its intention to acquire Iveco in July 2025.