Tata Motors to buy Iveco Group for €3.82 billion

Tata Motors will focus its attention on Monday trading after launching a voluntary tender offer to purchase all common shares of Italian transport vehicle manufacturer Iveco Group. The firm offers €14.1 per share in cash, including dividends, through TML CV Holdings B.V. This deal values the entire company at about €3.82 billion and plans for Tata Motors to own 100% of the stakes followed by removal from the Euronext Milan exchange. Exor, a family-owned investment group holding 43.19% of voting rights, supports the move. Iveco's board gave unanimous approval, though specific reasons remain undisclosed. The deal requires financing; Tata Motors CV secured a bridge funding commitment with Morgan Stanley Bank, N.A., Morgan Stanley Senior Funding, Inc., and MUFG Bank, Ltd. The tender offer begins Monday, September 7, with shareholder voting set for October. Exor submitted its 27% holding to the proposal.