Tata Motors Reaches 89.42% Stake in Iveco Takeover

Tata Motors has reached a provisional shareholding of 89.42% of Iveco Group's common share capital, net of treasury shares, following the tender of shares by a majority of shareholders. This achievement satisfies the threshold condition for Tata Motors' proposed takeover of the Italian manufacturer, which was valued at approximately 3.905 billion euros ($4.36 billion) based on an offer price of 14.4 euros per share. The acquisition process, which involves the eventual spinoff of Iveco's defense business to Leonardo, is moving forward with the reopening of the acceptance period.

Iveco Group's board has previously expressed its support for the offer and recommended that shareholders accept the terms.