Jaguar Land Rover owner announces all-cash offer to buy Italy-based truckmaker
Finance Desk – Tata Motors has announced its biggest-ever acquisition a €3.82 billion (₹33,360 crore) all-cash deal to buy Italian truckmaker Iveco S.p.A.
The deal, valued at €14.10 per share, involves acquiring all 27.2 crore outstanding shares of Iveco. The acquisition will be done through a new company fully owned by TML CV Holding Pte. Ltd., a Singapore-based arm of Tata Motors.
This marks Tata Motors’ largest global deal so far, surpassing its 2008 purchase of Jaguar Land Rover for $2.3 billion.
The company plans to delist Iveco from the Euronext Milan stock exchange after the acquisition. However, the deal excludes Iveco’s defence business, which the company plans to sell or spin off before March 2026. That part of the business is expected to fetch a one-time dividend of €5.5–6.0 per share for Iveco shareholders.
Including this dividend, the offer price offers a 22%–25% premium compared to Iveco’s average share price over the past three months. Without the dividend, the premium rises to 34%–41%.
The board of Iveco has unanimously supported the offer. Exor N.V., its largest shareholder holding 27.06% stake and 43.11% voting rights, has agreed to sell its shares.
Tata Motors has arranged full financing for the deal and is confident about completing the transaction in the first half of 2026. The final steps include regulatory approvals and submission of the Offer Document to the Italian regulator CONSOB.
After the news broke, Tata Motors’ shares fell 3.5% on the BSE to close at ₹668.40, even as the Sensex gained 0.2%.
