Tata Motors has moved a step closer to completing its proposed acquisition of Italian commercial vehicle maker Iveco Group after Italy’s market regulator Consob approved the offer document for its voluntary tender offer for all common shares of the company.
The approval clears the way for Iveco shareholders to begin tendering their shares from September 7. The acceptance period will remain open until October 26, unless Tata Motors extends the offer, the automaker said in a stock-exchange filing on September 4.
The offer is being made by TML CV Holdings B.V., an indirect wholly owned subsidiary of Tata Motors, at €14.10 per Iveco share on a cum-dividend basis. Shareholders who accept the offer during the initial acceptance period are scheduled to receive payment on October 30, which is the fourth trading day after the offer closes.
Subject to applicable legal requirements, the acceptance period may reopen for another five trading days from November 2 to November 6. Payment for shares tendered during this additional period is expected to be made on November 13.
Tata Motors said a separate announcement will provide details about the publication and distribution of the offer document, along with the procedure shareholders will need to follow to participate in the tender offer.
The offer covers all issued common shares of Iveco Group. It will be launched in Italy and extended to eligible shareholders in the United States in accordance with applicable US securities regulations. However, the offer will not be launched in Canada, Japan, Australia or other jurisdictions where doing so would require additional regulatory approvals.
The Consob clearance follows Tata Motors securing all the prior sector-specific regulatory approvals required for the transaction. These included approvals from the UK Financial Conduct Authority, the Bank of Spain and the European Central Bank relating to changes in control and indirect qualifying holdings in Iveco-linked financial services businesses.
The latest approval represents an important procedural milestone in Tata Motors’ proposed acquisition of Iveco, which was announced in July 2025. The transaction is being pursued through Tata Motors’ commercial vehicle holding entities, including TML CV Holdings Pte. Ltd. and its wholly owned Dutch subsidiary, TML CV Holdings B.V.
With the necessary regulatory clearances in place and Consob having approved the offer document, the transaction has now progressed to the shareholder acceptance stage. The tender offer, however, remains subject to the terms and conditions specified in the offer.
