Tata Motors secured 87.8% acceptance to take control of Iveco, moving ahead with its planned restructuring. The company plans to refinance the acquisition debt over 12-18 months using long-term debt and equity. Tata Motors also promised to keep Iveco’s headquarters in Turin and protect jobs as part of the deal.
Settlement will also require Tata Motors to draw on the €3.875 billion bridge financing facility arranged for the acquisition and subsequently syndicated to a group of lenders. Tata Motors has said it plans to refinance the acquisition debt over the following 12-18 months through a mix of long-term debt and equity, with about €1 billion expected to be raised through a share sale.
The company has said the offer will be followed by a five-day reopening period from 2-6 November for shareholders who did not tender their shares, subject to applicable conditions.
The 87.8% acceptance gives Tata Motors the control needed to pursue its planned post-offer restructuring and eventual delisting of Iveco. The company had originally said that reaching at least 80% would allow it to proceed with the agreed share sale and take full ownership.
A crucial part to note is that Iveco recorded a 7% decline in revenue in 2025 to €13.4 billion, while profit more than halved to €233 million from €489 million a year earlier.
Tata Motors has previously told analysts that the combination could generate synergies greater than those it achieved through Jaguar Land Rover, which is now housed under Tata Motors Passenger Vehicles Ltd. The Iveco deal was announced when Tata Motors' passenger and commercial vehicle businesses were still part of one unified business.
The company will also pursue revenue synergies by combining product portfolios and distribution networks. But integration is unlikely to mean an immediate overhaul of Iveco. Tata Motors has committed to maintaining Iveco's operating and reporting structure, as well as its headquarters in Turin.
These commitments matter because Italy has imposed conditions under its golden power framework to protect jobs, manufacturing capacity, strategic technology and research. Tata Motors has pledged not to undertake material restructuring or close Iveco plants as a direct consequence of the deal during the protected period.
The target spans Jaguar Land Rover, Tata Motors' passenger and commercial vehicle businesses, and Tata AutoComp. Iveco changes the scale of the commercial vehicle arm, taking it from a largely India-focused business to one with a substantial presence across Europe and the Americas.
Ayaan Kartik
Ayaan Kartik is a Delhi-based journalist tracking the ever-growing world of automobiles and their components. With an experience of five years ranging from short-form news at Inshorts to longform journalism at Outlook Business magazine, he has dabbled into different storytelling formats. At Mint, he tries to regularly mix story styles, from longforms to crisp news stories. He has completed his graduation from Delhi University where he developed a liking for reading and writing about the world we live in today. Apart from automobiles, Ayaan likes to read up on geopolitics which has increasingly affected various sectors of the economy. Of all the promises journalism holds, he likes the fact that it allows a person to simply explain to readers about what is happening in the world. And what better sector than automobiles, which everyone since growing up has seen and felt connected to. Whether it is China's increasing grip on automobiles to growing affection for EVs in the country, Ayaan likes to connect his love for geopolitics and data to his stories as readers become more demanding on the types of stories they want.