Tata Motors tender for Italy's Iveco set for September 7 to October 26
- Tata Motors' tender offer for Italian truck maker Iveco is officially open, with the acquisition process running until late October
MILAN: The tender offer by India’s Tata Motors for Italian truck and bus maker Iveco will run from September 7 to October 26, according to a statement published after Italian market regulator Consob approved the offer document.
Under certain conditions, the tender period will be extended for five further days, from November 2 to November 6, Iveco said in a statement late on Thursday, upon request of Tata Motors’ TML CV Holdings vehicle.
Tata Motors last year agreed to buy Iveco’s commercial vehicle business in a deal valued at €3.8 billion ($4.4 billion).
As part of the deal, Tata Motors agreed to offer €14.10 in cash for each Iveco share.
Chair of India’s Tata to step down after tension with controlling charity
Tata’s offer is backed by Iveco’s largest shareholder Exor, the holding company of Italy’s Agnelli family, which owns a 27.1% stake in the Turin-based company.
Tata’s takeover is part of a broader transaction under which Iveco previously sold its IDV defence business to Italy’s State-backed defence group Leonardo for €1.7 billion.
Comments