The offer values Iveco Group at approximately 3.82 billion euros. (File Photo) Tata Motors has taken its proposed acquisition of Iveco Group into the shareholder acceptance phase, launching an all-cash voluntary tender offer for all common shares of the Italian commercial vehicle manufacturer. The offer, priced at 14.10 euros per common share, puts Iveco Group’s value at approximately 3.82 billion euros. The transaction is being made through TML CV Holdings B.V., with shareholders able to tender their shares from September 7 through October 26, 2026. The 14.10-euro offer price is on a cum-dividend basis. Italy’s market regulator Consob has already approved the offer document, allowing the shareholder acceptance process to move forward. Iveco Group’s Board of Directors has unanimously recommended that shareholders accept Tata Motors’ proposal. The board has also urged shareholders to support resolutions connected with the transaction at an Extraordinary General Meeting scheduled for October 16, 2026. Exor N.V., Iveco’s largest shareholder, has provided an irrevocable commitment to support the deal. Its stake represents around 27.06 per cent of Iveco’s common shares and 43.19 per cent of the company’s total voting rights. Completion of the transaction remains subject to customary conditions. These include a minimum acceptance threshold of 95 per cent of Iveco’s common shares. However, that threshold will automatically fall to 80 per cent if shareholders approve the Back-End Resolution at the October EGM. If Tata Motors receives acceptances representing at least 95 per cent of Iveco’s common shares, it will begin the Dutch Legal Squeeze-Out process. The offeror may, at its discretion, first proceed with the proposed demerger and share sale. In a scenario where acceptance crosses 80 per cent but remains below 95 per cent, Tata Motors intends to proceed with a post-offer demerger and liquidation, subject to shareholder approval at the EGM. The companies said all necessary competition approvals, foreign direct investment clearances, Foreign Subsidies Regulation clearance and prior authorisations have been secured. Tata Motors Managing Director and CEO Girish Wagh said: "By combining our respective strengths, capabilities and market presence, we have the opportunity to build a stronger, more globally competitive commercial vehicle business that is better positioned to serve customers, invest in future technologies and create sustainable value for all stakeholders" He further stated, "We believe the tender offer presents a compelling value proposition for Iveco Group shareholders and look forward to its successful completion." Combined Business To Generate €21 Billion Revenue The proposed transaction would bring Iveco together with Tata Motors’ commercial vehicle operations, creating a substantially larger global commercial vehicle business. The combined entity is projected to sell more than 5,90,000 vehicles each year and generate revenue of approximately 21 billion euros, equivalent to more than Rs 2,28,000 crore. Europe is expected to account for around 46 per cent of the combined group’s revenue, while India would contribute approximately 32 per cent. South America is projected to account for about 8 per cent, with the remaining 14 per cent coming from other global markets.