Tata Motors CV and Iveco Group jointly announced the offer’s commencement by TML CV Holdings B.V. in an exchange filing on Saturday, September 5. The offer values Iveco at approximately €3.82 billion and is aimed at acquiring 100% of the company’s common shares and delisting it from Euronext Milan.
To fund the transaction, Tata Motors CV signed a debt commitment letter with Morgan Stanley Bank, N.A., Morgan Stanley Senior Funding, Inc. and MUFG Bank, Ltd. for fully committed bridge financing.
Exor, the Agnelli family-owned investment company and Iveco’s largest shareholder, has also irrevocably committed to support the transaction. Exor has tendered its 27% stake in Iveco’s common shares, representing 43.19% of the company’s voting rights.
The transaction has also received the full and unanimous support and recommendation of Iveco’s board.
The tender offer will open on Monday, September 7, while Iveco shareholders are scheduled to vote on the matter in October. The proposed transaction is intended to result in the acquisition of all common shares of Iveco and the subsequent delisting of the company from Euronext Milan.
What did Tata Motors management say?
Girish Wagh, Managing Director and CEO of Tata Motors, said the commencement of the tender offer marked an important milestone in bringing together two complementary organisations. He said the combination of their capabilities and market presence could help build a stronger and more globally competitive commercial vehicle business, while supporting investments in future technologies and creating sustainable value for stakeholders.Wagh also said Tata Motors had immense respect for Iveco’s heritage, people and brands, and looked forward to supporting the company’s continued growth. He added that Tata Motors believed the tender offer presented a compelling value proposition for Iveco shareholders and was looking forward to its successful completion.
Tata Motors August sales
The move comes after Tata Motors reported a strong rise in commercial vehicle sales in August. In its monthly auto sales report, the company said total CV sales across domestic and international markets rose 49% year-on-year to 44,411 units in August 2026, compared with 29,863 units in August 2025.
Tata Motors’ international commercial vehicle business recorded an even sharper increase during the month, with sales jumping 227% year-on-year to 7,792 units from 2,382 units a year earlier. This was the highest growth among the reported CV categories in percentage terms.
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