Tata Motors' reopened tender closed on November 6 with holders of another 6.75% of Iveco accepting, lifting its stake to about 96.29% of the common shares, net of treasury stock. Tata will pay for those shares on November 13 and says it will start a Dutch legal squeeze-out to buy out the rest.
Crossing 95% lets Tata force the remaining holders out under Dutch law, possibly after a demerger and share sale. Borsa Italiana will suspend trading and delist the shares once that finishes. Iveco is still losing money: it reported a €45 million loss for the July-September quarter, its second quarterly loss this year.
Why it matters
If Tata buys out the rest, it controls a top-four global truck maker with €21 billion in revenue and a foothold in Europe, India and South America.
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Key Indicators
96.29%
Iveco stake held by Tata Motors
Common shares, net of treasury stock, after the reopened offer closed November 6, 2026.
€14.40
Offer price per Iveco common share
All cash, cum dividend; payment for shares tendered in the reopened window is due November 13, 2026.
€263.65M
Paid for shares tendered in the reopening
18,309,029 shares at €14.40 each, representing about 6.75% of Iveco's common share capital.
3.71%
Iveco shares still outside Tata's ownership
Net of treasury shares; Tata aims to acquire these through a Dutch legal squeeze-out.
95%
Dutch squeeze-out threshold
Tata crossed it with the reopened offer, allowing it to force out remaining minority holders.
80%
Acceptance threshold after EGM
Iveco shareholders approved the back-end resolutions on October 16, lowering the threshold from 95%.
€21B
Combined annual revenue
Tata and Iveco reported combined revenues of about €21 billion (INR 2,28,000 crore) across 130 countries.
27
Manufacturing sites in combined group
Plus 25 R&D centres and over 9,300 sales and service centres.
15 events
Latest: 5 days ago
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November 2026
Reopened offer closes; Tata reaches 96.29% of Iveco
LatestCorporate Action
Holders tendered 18.3 million more shares, about 6.75% of the company, during the five-day window. Tata says it will start a Dutch legal squeeze-out for the remaining stock, with payment for the new shares due November 13.
Tata and Iveco mark combination; new board named
Announcement
Tata and Iveco introduced the combined group, with about €21 billion in revenue and 27 manufacturing sites. Iveco's board now has N. Chandrasekaran as chairperson and Olof Persson as CEO.
Tata explores kit assembly of Iveco vehicles in India
Corporate Action
Tata outlined a proposal to explore semi-knocked-down assembly of selected Iveco vehicles in India, according to Kalkine.
Iveco posts €45 million quarterly loss as Tata takes over
Earnings
Iveco reported a €45 million loss for July-September, its second quarterly loss in 2026, and a nine-month loss of €123 million. Nomura's own fiscal 2027 margin estimate is 2.8%, against Iveco's 7.5% target for 2028.
Tata reopens tender for remaining Iveco shares
Corporate Action
The offer reopened for five trading days, through November 6, for the roughly 10.58% of shares still outside Tata's ownership. Settlement was set for November 13.
October 2026
Tata completes initial settlement, takes 89.42% of Iveco
Corporate Action
Tata paid €14.40 per share for 238.2 million shares, giving it 89.42% of Iveco and control of the company.
Initial acceptance period closes
Corporate Action
Tendering ended; Reuters reported 87.8% acceptance on the final day, above the 80% threshold. Settlement followed on October 30.
Iveco shareholders approve threshold cut to 80%
Shareholder Vote
The EGM passed the back-end resolutions, lowering Tata's minimum acceptance threshold from 95% to 80% and enabling post-offer restructuring.
Tata raises offer price to €14.40 per share
Corporate Action
Tata Motors raises its all-cash tender offer for Iveco by €0.30 to €14.40 per share, calling it 'best and final', as acceptance levels lag behind thresholds.
September 2026
Acceptance period opens
Corporate Action
Iveco shareholders may tender shares from 8:30 a.m. CEST; window runs to October 26.
Tata launches the tender offer
Corporate Action
TML CV Holdings launches the all-cash offer for all Iveco shares, valuing the group at ~€3.82B.
Offer document published
Announcement
Tata and Iveco jointly announce the €14.10 per share tender; Exor commits its 27.06% stake.
Consob approves the offer document
Regulatory
Italy's securities regulator clears the offer, resolving final competition, FDI, and foreign-subsidy conditions.
European Central Bank authorizes the offer
Regulatory
ECB grants prior authorization, clearing the banking-sector condition for the tender.
July 2025
Tata confirms interest in Iveco
Announcement
Tata Motors confirms it is in early talks to acquire Iveco Group, per reports.
Discussed by: The Hindu BusinessLine; Iveco's own board recommendation
Iveco shareholders approve the back-end resolutions at the October 16 EGM, dropping the minimum acceptance to 80%. Tata then executes the pre-agreed asset sale and liquidation framework, taking full operational ownership of Iveco's businesses and delisting it from Euronext Milan, even with minority shareholders holding out. This is the mechanism explicitly laid out in the offer document for the 80-95% band.
2
Tata clears 95%, executes full squeeze-out
Deadline passed (Nov 6, 2026)
Discussed by: Iveco's offer document; Dutch corporate law provisions
Acceptances reach at least 95% of Iveco's common shares. Tata launches a Dutch legal squeeze-out to acquire the remaining minority shares, either directly or after the demerger and share sale, achieving 100% ownership and a clean delisting. This is the simplest path to full control and avoids the more complex liquidation route.
3
Tender fails — acceptances fall short of 80%
Deadline passed (Nov 6, 2026)
Discussed by: Market observers; The Hindu BusinessLine analysis of the arithmetic
Even with Exor's 27.06% locked in, public shareholders holding about 53 percentage points would need to tender to clear the 80% bar. If the EGM fails to pass the back-end resolutions, that bar stays at 95% — which is nearly impossible given Exor alone can't reach it. Below 80%, Tata walks away, and Iveco would likely see its share price fall back toward pre-offer levels, leaving Tata's strategic ambitions in Europe unmet.
4
Squeeze-out completes and Iveco leaves Euronext Milan
Likely
Resolves by Q2 2027
Discussed by: Tata's November 6 press release; Borsa Italiana listing rules
Tata says it will start a Dutch legal squeeze-out for the remaining shares, possibly after a demerger and share sale. Borsa Italiana has said it will suspend trading and delist the shares once that process is done. Completion would end Iveco's run as a listed company.
Historical Context
3 moments from history that rhyme with this story — and how they unfolded.
1 of 3
March-June 2008
Tata acquires Jaguar Land Rover (2008)
Tata Motors bought Jaguar Land Rover from Ford for $2.3 billion at the height of the financial crisis, when JLR was losing money and Ford was desperately shedding assets. Many analysts called the price reckless.
Then
JLR initially struggled through the 2008 crash, but a rapid recovery in China and new model launches — Range Rover Evoque, the 2013+ Discovery — turned it into Tata's profit engine.
Now
JLR made Tata a global luxury-vehicle player and funded much of the parent's turnaround. It stands as Tata's most successful cross-border acquisition and the template for this Iveco bid.
Why this matters now
This is Tata's first comparable cross-border industrial takeover since JLR. A successful Iveco purchase would extend Tata's reach the other direction — commercial vehicles in Europe — possibly becoming a second pillar as large as JLR.
2 of 3
August 2010
Geely acquires Volvo Cars (2010)
China's Geely Holdings bought Volvo Cars from Ford for $1.8 billion, an all-cash deal that gave a then-unknown Chinese automaker a prestigious European brand and Volvo's safety engineering and dealer networks.
Then
Geely kept Volvo's headquarters in Gothenburg and its management mostly intact, reassuring Swedish unions and regulators; Volvo returned to profit by 2013.
Now
Geely grew into a global group and the deal became a template for Chinese and Indian automakers buying Western brands — keep the HQ, keep the workforce, plug in capital and scale.
Why this matters now
Tata's offer echoes the Geely-Volvo structure: keep headquarters in Turin, no job cuts as a direct result, and fold Iveco into Tata's existing commercial vehicle scale. The Geely precedent suggests such deals can succeed and build long-term value when the target's assets are retained.
3 of 3
Early 2022
The CNH Industrial spin-off of Iveco (2022)
Iveco Group was carved out of CNH Industrial and listed on Euronext Milan, with Exor retaining ~27% of the shares. The company became an independent, focused commercial vehicle maker after years inside a larger conglomerate.
Then
Iveco's shares traded below what Exor considered fair value; the company's European margin profile lagged rivals like Daimler Truck and Volvo Group.
Now
A thinly traded, undervalued public listing left Iveco vulnerable to a takeover — which is exactly what Tata's €3.82 billion offer exploits. Exor's willingness to tender reflects its view that the market never properly valued the spin-off.
Why this matters now
The spin-off created the shareholder structure Tata's offer depends on: a company small enough to take over, with a large anchor shareholder (Exor) ready to exit. This context explains why Exor agreed to the deal — it has been looking for an exit at a good price since 2022.
