Tata Motors launches tender offer for Iveco Group shares

Mumbai: Iveco Group N.V. and Tata Motors Ltd have jointly announced the commencement of a voluntary tender offer for all issued common shares of Iveco Group.

The offer, made by TML CV Holdings B.V., a step-down subsidiary of Tata Motors, is priced at €14.1 (cum dividend) per common share in cash.

This follows approval for the offer from the Italian market regulator. Iveco Group, an international leader in commercial vehicles and mobility, and Tata Motors, a global automotive leader, said the offer brings together two businesses with highly complementary product portfolios and capabilities and with substantially no overlap in their industrial and geographic footprints.