The Tata Iveco takeover has cleared a key hurdle after investors tendered shares representing approximately 87.81% of the Italian truck maker’s equity by October 26, 2026. The €3.91 billion offer exceeded its revised 80% acceptance threshold, but settlement remains subject to confirmation that the offer conditions have been satisfied or waived.

Key Takeaways

  • A total of 238,157,212 Iveco shares were tendered, representing about 87.81% of its equity.
  • Tata raised its offer to €14.40 per share on October 9 and described it as its best and final price.
  • Final results are due October 29, with settlement scheduled for October 30 subject to confirmation of the offer conditions.

Tata Iveco takeover wins shareholder support

Acceptance rose from approximately 52% on October 23 to 87.81% on October 26. Exor, the Agnelli family’s investment company and Iveco’s largest shareholder, had already committed its 27.06% holding.

The transaction was first announced in July 2025. Activist investor Petrus Advisers opposed the valuation, arguing that Tata’s offer undervalued Iveco. Tata increased its bid from €14.10 to €14.40 per share on October 9.

Route to full ownership

An October 16 shareholder meeting approved resolutions lowering the minimum acceptance requirement from 95% to 80% and establishing an alternative route to full ownership.

Under the approved structure, Tata can pursue a post-offer demerger and liquidation mechanism to achieve full ownership and delist Iveco. Acceptance of at least 95% would permit the envisaged Dutch legal squeeze-out route.

Tata Motors subsidiary TML CV said its potential holding stood at 89.42%, net of treasury shares, after accounting for Iveco’s treasury shares, which represent 1.80% of its share capital.

Scope of the combined business

The acquisition would create a commercial-vehicle group with approximately €21 billion in combined annual revenue and sales exceeding 590,000 vehicles. Europe would account for approximately 46% of combined revenue and India for 32%, with South America and other markets contributing the remainder.

Iveco’s defence business, which is being sold separately to Leonardo, is excluded from the Tata transaction.

Next milestone

The final offer results are scheduled for October 29 at 7:29 a.m. CET. Settlement is scheduled for October 30, subject to formal confirmation that the offer conditions have been satisfied or waived.

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