Tata Motors takes 89.42% control of Iveco in €3.43 billion deal
In short
Tata Motors on Friday took an 89.42% stake in Italian truck maker Iveco in a deal worth nearly €3.43 billion. The move followed the initial settlement of Tata Motors’ cash tender offer.
This gives Tata Motors control of a European commercial vehicle maker with reported revenue of Rs 1,42,471 crore. The reporting does not say when the full buyout will finish.
What the reporting says
Tata Motors on Friday acquired an 89.42% stake in Italian commercial vehicle maker Iveco for nearly €3.43 billion after the initial settlement of its cash tender offer. The summary says the company is taking control of a European firm with revenue of Rs 1,42,471 crore, while the buyout is still continuing. What remains unknown from the reporting is the final completion timing and any further terms.
Why it matters
Tata Motors on Friday took an 89.42% stake in Iveco for nearly €3.43 billion after the initial settlement of its cash tender offer. The move gives Tata Motors control of the Italian commercial vehicle maker, which the reporting says has revenue of Rs 1,42,471 crore. The buyout is still continuing, and the reporting does not state the final settlement timeline or any remaining conditions.