The acceptance rate reflects a sharp increase in participation toward the end of the tender period. Shareholder acceptance jumped from approximately 52% on October 23 to the final 87.81% on October 26. Tata Motors Managing Director and CEO Girish Wagh noted that such late surges are typical in tender offer processes, particularly in the final 48 hours. The transaction, first announced in July 2025, is set to create a global commercial vehicle group with combined annual revenue of approximately €21 billion and sales exceeding 590,000 vehicles.
The path to this conclusion involved overcoming resistance from minority shareholders and activist investor Petrus Advisers, which had challenged the initial valuation as undervaluing Iveco. In response, Tata Motors raised its offer from €14.10 to €14.40 per share on October 9, a 2.1% increase, which the company described as its best and final price. A pivotal shareholder meeting on October 16 approved resolutions that lowered the minimum acceptance requirement from 95% to 80%, providing an alternative route to full ownership that facilitated the deal’s progression.
Exor N.V., the Agnelli family’s investment company and Iveco’s largest shareholder, had already committed its 27.06% holding to the deal. While other sources cite a final figure of 89.42%, the official confirmation from the exchange and Tata’s statements specify the 87.81% threshold acceptance as the decisive metric for meeting the revised conditions. The acquisition represents Tata Motors’ largest move since the purchase of Jaguar Land Rover, expanding its global footprint in the commercial vehicle sector.
The next step involves the settlement of the transaction and the formal integration of the two businesses. The delisting of Iveco from Euronext Milan will follow the completion of these procedural requirements. This consolidation aims to combine the operational strengths of both entities, creating a larger competitor in the global truck and bus markets.
