Green light: Tata Motors's €3.8-billion Iveco takeover gets Italian regulator's nod

Italian market regulator Consob approved the offer document submitted by Tata Motors’ subsidiary, TML CV Holdings B.V., setting off the final phase of the Indian automaker’s ambitious takeover of Iveco Group N.V. The carmaker disclosed the latest development in a disclosure to the exchanges on September 4.

The approval, granted through Consob resolution no. 24119 on September 3, 2026, clears the final major regulatory hurdle for the voluntary totalitarian tender offer. The clearance follows crucial approvals secured earlier, including sector authorization from the European Central Bank on September 1, 2026, alongside prior clearances from the UK’s Financial Conduct Authority, the Bank of Spain, and SEBI.

Under the terms of the offer, TML CV Holdings B.V., an indirect wholly-owned step-down subsidiary linked to Tata Motors’ commercial vehicles business, will acquire all common shares of Iveco Group N.V. at an offer price of €14.10 per share on a cum-dividend basis. The proposed transaction values the overall acquisition at approximately €3.8 billion ($4.4 billion), approximately ₹41,580.67 crore.

The acceptance window for Iveco shareholders will officially open at 8:30 a.m. CET on September 7, 2026, and is scheduled to close at 5:30 p.m. CET on October 26, 2026, unless extended. Settlement and payment to accepting shareholders are slated for October 30, 2026, marking the fourth trading day following the close of the initial window.

If legal prerequisites are met, the acceptance window may reopen for an additional five trading days between November 2 and November 6, 2026, with corresponding payments scheduled for November 13, 2026. The tender offer will be launched in Italy and extended to investors in the United States pursuant to applicable U.S. securities rules.

The transaction transitions Tata Motors’ global strategy into active execution, providing its demerged commercial vehicle arm with scale, advanced powertrain technology, and an expanded operational footprint across European and South American markets.