Tata Motors raises Iveco takeover offer to €14.40 a share in €3.9 billion deal
The Indian commercial vehicle major says the revised offer is its final bid, raising the transaction value by €81.36 million.
Tata Motors CV has raised its takeover offer for Italian commercial vehicle manufacturer Iveco Group to €14.40 per share, taking the overall value of the cross-border acquisition to €3.9 billion.
The revised bid is up from €14.10 per share, representing an increase of €81.36 million in total deal value. The company attributed the higher figure to delays encountered in completing the transaction timetable. It stated that the latest revision is its best and final offer, confirming that the purchase price will not be adjusted again.
The revised offer sits at a premium of roughly 7% compared to the valuation when the transaction was first unveiled in July 2025. That initial agreement covered Iveco's commercial vehicle operations while excluding its defence arm.
Clearances and tender timeline
The tender offer window for Iveco shares is scheduled to conclude on 26 October, unless an extension is granted. Italian market regulator Consob granted formal clearance for the transaction in September, paving the way for the closing phase of the voluntary tender process.
Tata Motors CV shares finished 0.6% lower at ₹410.50 ahead of the weekend, giving the commercial vehicle giant a market capitalisation of more than ₹1.5 lakh crore.
Global scale and operational targets
The move marks another assertive step in Indian industry's global footprint, reflecting the growing appetite of domestic champions to build international manufacturing and engineering networks from a position of home-market financial strength.
Tata Motors CV has laid out aggressive post-merger profitability targets. Following the integration of Iveco, the automaker expects its Return on Capital Employed (RoCE) to range between 30% and 35%, with capital investments projected at 2% to 4% of overall topline revenues.
Domestically, the company announced an outlook targeting a 40% commercial vehicle market share in India by the 2028 financial year, alongside double-digit operating margins across economic cycles. Acquiring Iveco's European distribution, industrial footprint and powertrain capabilities gives the Indian manufacturer direct access to key international logistics corridors as global freight transitions to cleaner fleets.
Key numbers
| What | Figure | Source |
|---|---|---|
| Revised offer price per share | €14.40 | Tata Motors CV |
| Previous offer price per share | €14.10 | Tata Motors CV |
| Total deal value | €3.9 billion | Tata Motors CV |
| Increase in deal consideration | €81.36 million | Tata Motors CV |
| Tender offer closing date | 26 October | Italian market regulator Consob / Tata Motors CV |
| Targeted post-deal RoCE | 30% to 35% | Tata Motors CV |
In this story
| Name | Role in the story |
|---|---|
| Iveco Group | Italian commercial vehicle maker being acquired |
| Tata Motors CV | Indian commercial vehicle manufacturer making the takeover bid |
