87.81% acceptances clear Tata Motors' path to control of Iveco

Tata Motors has secured acceptances for 87.81% of Iveco Group's share capital, clearing the revised 80% minimum threshold in its €3.8bn takeover bid for the Italian truck manufacturer. The Indian OEM's holding in Iveco is expected to reach 89.42% once the tender offer settles.

The bid, submitted through TML CV Holdings, an indirect wholly owned Tata Motors subsidiary, closed its first acceptance window on 26 October with a late surge. In a stock market filing, Iveco said: "As part of the public tender offer (OPA) launched by Tata Motors for Iveco ordinary shares, 97,078,765 applications were submitted today, October 26, the last day for acceptances. Therefore, overall acceptance requests reach 238,157,212, equal to approximately 87.81% of the total instruments being offered."

What price are shareholders accepting?

The offer values Iveco at €14.40 per common share. That figure combines the initial €14.10 per-share price, cum dividend (with dividend entitlement attached), and a further €0.30 per share, also cum dividend. Tata Motors agreed the acquisition in July 2025 in a deal then worth $4.36bn.

The transaction ran roughly 15 months behind its original schedule. Regulatory approval issues pushed completion beyond the initial June target. In November last year, the Italian government conditionally cleared the sale under its foreign-investment screening powers.

Shareholders then removed the last structural obstacle. At Iveco's shareholder meeting, investors approved all resolutions put forward by the board, including the reduction of the minimum acceptance threshold from 95% to 80%. Without that cut, the 87.81% acceptance level would have fallen short and the bid would have lapsed.

How big is the combined business?

According to analysis by GlobalData, the parent company of Just Auto, the tie-up would place the enlarged company alongside Traton and Volvo Group in global truck market share and production capacity — putting Tata in the same weight class as Europe's two dominant commercial vehicle groups.

The combined commercial vehicle business would generate roughly €22bn in annual revenue, with manufacturing sites across Europe, Asia and Latin America. From a product and geographical viewpoint, the fit is complementary rather than overlapping: Tata dominates India and Southeast Asia, while Iveco holds its ground in Europe and Latin America, with no significant overlap in product lines or manufacturing geography.

What happens next?

The tender offer ran from 7 September to 26 October. Final results are due before the market opens on 29 October. Iveco said the offer will then reopen from 2 November to 6 November, giving remaining shareholders a further window to tender into the bid.

Separate deal: 3,000 electric trucks for Amazon in India

In a separate announcement, Tata Motors has partnered with Amazon to introduce 3,000 electric trucks into the retailer's transport network in India. The deployment centres on the Tata Ultra E.7, which Tata said includes an integrated e-axle (electric motor built into the axle assembly), CCS2 fast charging, regenerative braking, and a crash-tested cab with high-voltage safety systems.

Tata Motors said the vehicle is designed to offer "lower operating costs, higher uptime and a lower-emission alternative" for freight transportation.

What to watch: the final tender results on 29 October, the reopened acceptance window closing on 6 November, and whether Tata moves to squeeze out the remaining minority holders once its 89.42% stake is confirmed.