Tata Motors has raised its takeover offer for Italian commercial vehicle maker Iveco Group to €14.40 per share from €14.10, while declaring the revised price its best and final offer.
The increase of €0.30 per share comes as the completion of the acquisition has been delayed because regulatory approvals in some jurisdictions are taking longer than initially expected, Tata Motors said in a regulatory filing on Friday.
Tata Motors announced the proposed acquisition in July 2025, seeking to combine its commercial vehicle business with Iveco’s truck, bus and powertrain operations. The companies said the combination would create a commercial vehicle group with a stronger global presence. The deal excludes Iveco’s defence business, which was sold to Italian defence group Leonardo in March 2026. (Iveco Group; Iveco Group)
The revised offer represents a premium of 33.47% over Iveco’s share price on July 17, 2025, the last trading day before reports emerged about a potential acquisition by Tata Motors. It is also 6.77% higher than Iveco’s share price on July 29, 2025, the last trading day before the original offer announcement.
Tata Motors has said it will not increase the offer price further.
The original offer was priced at €14.10 per share and valued the transaction at approximately €3.82 billion. The revised price follows the start of the formal acceptance period on September 7, 2026.
How much will the acquisition cost?
If all 271.2 million shares covered by the offer are tendered, the total payout will amount to €3.91 billion, up from the earlier maximum of about €3.82 billion. The price increase raises the maximum potential payout by €81.36 million.
Tata Motors’ wholly owned subsidiary, TML CV Holdings Pte. Ltd., is making the offer through its wholly owned Dutch subsidiary, TML CV Holdings B.V.
The offer is a cash purchase of all of Iveco’s common shares covered by the transaction. The revised price includes dividends under the offer’s terms.
To fund the additional payout, the offeror has entered into an €85 million credit facility agreement with MUFG Bank’s GIFT City branch. It has also submitted documentation for an additional bank guarantee covering the increased payment obligation.
What does the revised offer mean for shareholders?
The revised price offers Iveco shareholders a premium over the stock’s trading prices before takeover speculation emerged. The premium is 26.87% over the volume-weighted average share price for the month before July 17, 2025, and 67.98% over the corresponding 12-month average.
Shareholders who have already accepted the original offer do not need to submit their shares again or take any additional action to receive the improved price, the company said.
All other terms and conditions of the offer remain unchanged.