Tata Motors has ruled out increasing its €14.40-per-share offer for Iveco Group, calling the revised bid its “last and final” proposal as the cross-border commercial vehicle acquisition moves towards its closing deadline.
Tata Motors managing director and chief executive Girish Wagh said the company remained confident about completing the transaction despite possible pressure from Iveco’s minority shareholders. The offer is scheduled to close on October 26, with settlement expected on October 30, subject to completion of the transaction.
Tata Motors raised its offer to €14.40 per Iveco share on October 9 from €14.10. Wagh said the increase was intended to compensate shareholders for a four-month delay in obtaining regulatory approvals across several countries. The company had initially announced the acquisition plan in July 2025.
The transaction is an all-cash deal valued at about €3.8 billion when it was first announced. It covers Iveco’s commercial vehicle business but excludes the group’s defence operations. The acquisition would bring together Tata Motors’ commercial vehicle operations and Iveco’s business, subject to the remaining transaction conditions being completed.
Iveco shareholders approved the required resolutions at an extraordinary general meeting held on October 16. Those resolutions included a reduction in the minimum acceptance threshold for Tata Motors’ tender offer from 95% to 80%, a change that lowers the level of shareholder acceptance required for the offer to proceed.
Asked whether demands from minority shareholders could jeopardise the transaction, Wagh said Tata Motors was confident after the extraordinary general meeting. “Purely, looking at the EGM, we are confident of crossing the 80% threshold,” he said.
The revised offer is now the final price Tata Motors intends to put forward. The immediate milestones are the October 26 closing of the offer and the expected October 30 settlement. Tata Motors has said it plans to complete the acquisition by November if all conditions are met.
