4 September 2026 (Navroze Bureau) : Tata Motors has moved another step closer to completing its proposed acquisition of Iveco Group NV after Italy’s market regulator Consob approved the offer document for the Indian automaker’s voluntary tender offer.
The approval clears the way for Iveco shareholders to begin accepting the offer from September 7, 2026, with the initial acceptance period scheduled to run until October 26, unless extended.
€14.10 Offered for Each Iveco Share
Under the tender offer, TML CV Holdings B.V., an indirect wholly owned subsidiary of Tata Motors, will offer €14.10 per Iveco common share, including dividend.
Shareholders who accept the offer during the initial acceptance period are scheduled to receive payment on October 30, 2026, subject to the applicable terms and conditions.
Acceptance Window Opens September 7
The acceptance period will formally begin at 8:30 a.m. CET on September 7 and is scheduled to close at 5:30 p.m. CET on October 26.
Subject to legal requirements, the offer may subsequently reopen for five trading days from November 2 to November 6, with payment for shares tendered during that additional period expected on November 13.
Consob Approval Clears Key Regulatory Step
Consob’s approval represents an important procedural milestone in Tata Motors’ proposed takeover of Iveco.
The company had earlier said that it had secured the required prior authorisations under the relevant sector-specific regulatory framework. These included approvals involving the European Central Bank, UK Financial Conduct Authority and Bank of Spain for changes in control and indirect qualifying holdings connected to Iveco’s financial-services businesses.
Offer Targets All Iveco Common Shares
The voluntary tender offer is aimed at acquiring all issued common shares of Iveco Group NV.
The offer is being launched in Italy and will also be extended to eligible shareholders in the United States, in accordance with applicable US securities regulations. It will not be launched in jurisdictions where additional regulatory approvals would be required, including Canada, Japan and Australia, according to the reported offer terms.
Tata Motors’ Global Commercial Vehicle Push
The proposed acquisition is part of Tata Motors’ strategy to expand its global commercial-vehicle business.
Iveco operates across areas including trucks, buses, specialised vehicles and powertrain technologies, giving Tata Motors an opportunity to strengthen its presence in European and other international markets.
The deal is expected to provide greater scale and access to technology and established commercial-vehicle markets.
Deal Was Announced in 2025
Tata Motors announced its proposed acquisition of Iveco in July 2025.
The transaction is being implemented through Tata Motors’ commercial-vehicle holding structure, with TML CV Holdings B.V. acting as the offeror.
With the Consob approval now secured, the transaction has entered the shareholder acceptance phase.
What Happens Next?
The next major stage will be the response from Iveco shareholders.
Investors will decide whether to tender their shares at the €14.10-per-share offer price during the acceptance window. The final outcome will depend on shareholder participation and the satisfaction of the conditions attached to the offer.
If the necessary legal and acceptance conditions are met, Tata Motors can move towards completing the acquisition and related post-offer steps.
Potential Reopening in November
The offer structure also provides for a possible additional acceptance period.
If the relevant legal conditions are satisfied, shareholders could have another opportunity to tender shares between November 2 and November 6. Payments for shares accepted during this additional period are expected on November 13.
A Major Step for Tata Motors
Consob’s approval marks a significant development in Tata Motors’ international expansion plans.
The company is seeking to build a larger global commercial-vehicle business, while the Iveco acquisition could strengthen its European footprint and broaden its product and technology capabilities.
The takeover, however, remains subject to the specified terms and conditions of the tender offer.