TML CV Holdings B.V., Tata Motors’ offer vehicle, said provisional tenders for 238,157,212 Iveco Group shares exceeded the revised acceptance threshold, advancing a takeover that remains subject to final results and other conditions.
The tenders represented 87.81% of Iveco Group’s common share capital and of the 271,215,400 shares covered by the offer. The offeror’s projected holding was 89.42%, calculated net of 4,868,597 treasury shares. The count remained provisional, so crossing the threshold did not complete the acquisition.
Iveco Group’s Oct. 16 extraordinary general meeting lowered the minimum acceptance level from 95% to 80%. The earlier EconoTimes report on the shareholder vote covered the threshold change.
The revised cash offer is €14.40 per share, putting the consideration for the initial tenders at about €3.43 billion. Shareholders whose shares are accepted would receive the cash from TML CV Holdings. Settlement was scheduled for Friday, Oct. 30, provided the remaining offer conditions are fulfilled or waived.
The offer disclosure provides for a five-trading-day reopening from Monday, Nov. 2, through Friday, Nov. 6, if the provisional results are confirmed. The remaining offer conditions would still apply. If the reopening proceeds, payment for shares tendered in that period is scheduled for Nov. 13.
Tata Motors and Iveco Group announced the deal in July 2025, with completion conditional on separation of Iveco Group’s defense business. The offer was to cover Iveco Group shares after that separation. In their September 2026 offer announcement, the companies said they viewed Iveco operating as a wholly privately owned subsidiary as important to long-term success and value creation. They projected combined annual sales of about 590,000 vehicles and revenue of about €21 billion.
TML CV Holdings was due to publish the final tally and the status of outstanding conditions by 2:29 a.m. ET Thursday, Oct. 29.