Tata Motors' offer vehicle completed settlement for 238,157,212 Iveco Group shares Friday, Oct. 30, lifting its holding to approximately 89.42% and leaving a five-day tender window for remaining shareholders.
TML CV Holdings B.V. paid €14.40 per share, for total consideration of €3,429,463,852.80, according to Tata Motors and Iveco Group. The settlement transfers the shares tendered during the offer's initial acceptance period.
The tendered block represented 87.81% of Iveco's common share capital before treasury shares were excluded. Iveco had 4,868,597 treasury shares, equal to 1.80% of its common share capital; excluding them produces the approximately 89.42% holding. The earlier tender tally reported the 87.81% figure before settlement.
The offer is unconditional after all conditions were satisfied. Separately, Iveco shareholders voted at an Oct. 16 meeting to reduce the minimum acceptance threshold from 95% to 80%.
Shareholders can tender additional shares from Monday, Nov. 2, through Friday, Nov. 6. Payment for shares tendered during that period is scheduled for Nov. 13. The offer documents say the bid seeks to bring all Iveco shares under the offeror and end the company's stock-market listing. The bidder has not announced how it will address any shares left after the reopened period. Iveco's final-results notice lists a voluntary purchase procedure, a Dutch legal squeeze-out, or a post-offer demerger and liquidation as possible routes.
Iveco's board now includes N. Chandrasekaran as chairperson and senior non-executive director, Olof Persson as CEO, P. B. Balaji and Girish Wagh as non-independent directors, and Guenter Butschek and Charles Nichols as independent directors. Iveco said it bought back the special voting shares that remained outstanding immediately before settlement without paying holders.
Iveco also moved its third-quarter 2026 results release to Tuesday, Nov. 3, from Thursday, Nov. 5.