Tata Motors has raised its offer for Iveco Group to €14.40 per share, calling the revised proposal its “best and final” offer as regulatory approvals for the proposed acquisition take longer than initially expected in some jurisdictions.
The Italian commercial-vehicle maker said on Friday that the authorisation process was facing delays in a few jurisdictions. The tender offer, which opened in early September, is scheduled to close on October 26. Iveco said separately that it welcomed the increase in the offer price.
The revised proposal is up from Tata Motors’ previous offer of €14.10 per share. Iveco said the new price represents a 6.77% premium over its closing share price on July 29, 2025. Iveco shares closed at €14.40 on Friday, matching Tata Motors’ revised offer price.
As of Friday, 28.4% of the Iveco shares targeted by the offer had been tendered, according to data from Borsa Italiana. The level of participation provides a current measure of shareholder response while the offer remains open, although the final outcome will depend on the tender process and the completion of the required authorisations.
Tata Motors agreed last year to buy Iveco’s commercial-vehicle business in a transaction valued at €3.8 billion. Iveco manufactures trucks and other commercial vehicles, placing the proposed deal within a sector that supports freight movement, construction activity, municipal operations and the movement of goods across cities and industrial regions.
The revised offer comes as the transaction moves through regulatory review in multiple jurisdictions. The companies have not indicated in the supplied statements which jurisdictions are taking longer or provided a revised completion date. The offer period, however, remains scheduled to end on October 26.
For Tata Motors, the higher price increases the value offered to Iveco shareholders while the “best and final” designation signals that the company does not currently intend to improve the proposal further. For Iveco shareholders, the offer price and the level of shares already tendered will remain central to the decision-making process before the deadline.
The transaction also matters to the commercial-vehicle supply chain, which connects vehicle manufacturing with logistics, road freight, construction and other urban economic activity. However, the supplied statements do not set out any changes to Iveco’s operations, employment, production footprint or product strategy resulting from the proposed acquisition.
The tender offer is due to remain open until October 26, while regulatory authorisations continue in the jurisdictions where the process has taken longer than initially anticipated.
