Tata Motors to acquire Iveco Group for €3.82 billion in tender offer
Indian automaker Tata Motors launched a cash tender offer valued at €3.82 billion to buy all shares of Italian vehicle maker Iveco Group, aiming to delist the target from Euronext Milan by October.
Tata Motors initiated a voluntary tender offer for Iveco Group on September 5, proposing to purchase all issued common shares in cash at €14.1 per share, including the dividend. The transaction values Iveco at approximately €3.82 billion. Funding the deal includes fully committed bridge financing from Morgan Stanley Bank, N.A., Morgan Stanley Senior Funding, Inc., and MUFG Bank, Ltd. Exor, holding a 27% stake and representing 43.19% of voting rights, irrevocably supported the purchase by tendering its shares. Iveco's board issued full and unanimous support for the move. The offer opens on September 7, with shareholders scheduled to vote in October upon completion of due diligence. Management described the commencement as a significant milestone.
