Key points:
- Iveco Group has become a subsidiary of Tata Motors after the initial settlement of the tender offer on 30 October.
- Tata Motors holds about 89.42% of Iveco shares, bought at €14.40 per share.
- The combined group has revenue of about €21 billion and sells around 590,000 vehicles a year.
- It ranks fourth in the world among truck makers in the segment above 6 tonnes.
- Customer contracts, warranties, dealer agreements and financing continue unchanged.
The deal is done
Tata Motors completed the initial settlement of its tender offer for Iveco Group on 30 October, according to an Iveco Group statement. Through its subsidiary TML CV Holdings, the Indian company now holds 238,157,212 Iveco shares, about 89.42% of the share capital excluding treasury shares. It paid €14.40 per share in cash, which puts the value of the transaction at around €3.43 billion.
Shareholders who have not yet sold can still do so during a reopened acceptance period from 2 to 6 November. These shares will be settled on 13 November. Tata Motors says it will announce further steps later, which could include a squeeze-out of the remaining shareholders.
Trans.INFO reported last week that the offer had passed a key acceptance threshold.
The size of the new group
According to the joint press release, the combined company has:
- revenue of about €21 billion,
- annual sales of around 590,000 vehicles,
- more than 73,000 employees on six continents,
- 27 manufacturing plants, 16 of them belonging to Iveco,
- 25 research and development centres, including 22 from Iveco,
- more than 9,300 sales and service points in over 130 countries.
Iveco Group brings five brands: IVECO trucks, FPT Industrial powertrains, IVECO BUS, HEULIEZ buses and IVECO CAPITAL financing. Tata Motors builds cargo vehicles from under 1 tonne up to 55 tonnes and buses with 10 to 51 seats.
New board, same CEO
N. Chandrasekaran, chairman of Tata Sons and Tata Motors, is now also chairman of Iveco Group. Olof Persson remains Iveco’s chief executive. Tata Motors’ Girish Wagh and P. B. Balaji have joined the board as non-independent directors.
“Today marks the beginning of an exciting new chapter for Tata Motors and Iveco Group,” Chandrasekaran said. “We will invest for the long term, enable ideas and capabilities to flow in both directions.”
What changes for customers
For hauliers driving Iveco trucks, the companies promise continuity. “Existing customer contracts, dealer and supplier relationships, warranties, aftermarket commitments and captive financing solutions continue unchanged,” the release says.
Iveco Group will stay headquartered in Turin, and its brands and plants will keep their own identities. Tata Motors says it will support Iveco’s existing strategy and investment plans. The group will offer diesel, natural gas, battery-electric and hydrogen drivetrains.
“Our complementary portfolios, capabilities and geographic strengths provide a strong foundation for growth, while ensuring continuity from day one for customers, dealers and partners,” said Girish Wagh, managing director and CEO of Tata Motors.
What it means for the truck market
The takeover is Tata Motors’ biggest acquisition since it bought Jaguar Land Rover in 2008. It gives the Indian manufacturer a strong position in Europe, where Iveco is one of the main truck brands.
For European fleet operators, the key questions in the coming years will be prices, parts availability and the pace of new zero-emission models. Iveco CEO Olof Persson called the merger “a defining moment for Iveco Group”. Its position on the European market is shown in the 2025 truck registration ranking.
