Tata Motors acquires 89.42% Iveco stake; Chandrasekaran named chair

Tata Motors said Iveco Group had joined its group following the initial settlement of a voluntary tender offer, in an announcement made on October 30. The transaction secured approximately 89.42% of Iveco's common share capital after excluding treasury shares.

The company acquired 238,157,212 common shares in that settlement. Reports valued the acquisition at roughly $4.32 billion, equivalent to Rs 42,561 crore.

Tata Motors and Iveco jointly confirmed that the shares tendered during the acceptance period had been settled in accordance with the final-results notice. Shares submitted during the offer's reopening are scheduled for settlement on November 13, 2026.

Offer terms and changes to Iveco's board

The offer covered all issued Iveco common shares at €14.40 each in cash, with dividends included in that price. It was made by TML CV Holdings Pte. Ltd. through its fully owned subsidiary, TML CV Holdings B.V.

The completion of the first settlement was accompanied by changes to Iveco's board. Tata Group Chairman N. Chandrasekaran has taken the chairperson's role and will serve as a senior non-executive director.

Olof Persson will remain the chief executive, serving on the board as an executive director. The newly announced board also includes senior figures from other Tata automotive businesses.

P.B. Balaji, chief executive of Jaguar Land Rover, and Girish Wagh, managing director and chief executive of Tata Motors, have been appointed to non-executive board positions. Both will hold those seats as non-independent directors.

Guenter Butschek and Charles Nichols, from Iveco's side, have also received non-executive appointments. Their positions are classified as independent directorships, in contrast to the appointments of Balaji and Wagh.

The company's announcement places the initial settlement and revised board structure alongside the remaining tender timetable, with the reopening-stage settlement still to follow in November.

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