Tata Motors reaches 96.29% stake in Iveco Group after tender offer reopening; squeeze-out to follow
Tata Motors Iveco offer: TML CV Holdings reached about 96.29% of Iveco after the offer reopening; EUR 14.40 per share is paid on 13 November.
Tata Motors’ indirect subsidiary has reached about 96.29% of Iveco Group N.V.’s common share capital after the reopening of its tender offer ended, according to a disclosure Tata Motors Limited (formerly TML Commercial Vehicles) filed with the exchanges on November 7, 2026. The Tata Motors Iveco offer was run by TML CV Holdings B.V., a wholly owned subsidiary, and the results are provisional.
Tata Motors Iveco offer: key facts
- Shares tendered in the reopening: 18,309,029 common shares, about 6.75% of Iveco’s common share capital.
- Value of those shares: EUR 263,650,017.60.
- Price per share: EUR 14.40, made up of EUR 14.10 plus an additional EUR 0.30 added on October 9, 2026. Both are cum dividend.
- Payment date for the reopening: November 13, 2026.
- Final results: to be announced by 7:29 am CET on November 12, 2026.
The offeror had already received 238,157,212 shares during the main acceptance period, about 87.81%. Together with Iveco’s treasury shares, about 1.80%, the offeror says it will hold 256,466,241 shares, which is 96.29% of the share capital net of treasury shares.
What the 95% threshold means
Because the offeror crossed 95% of issued share capital, calculated under Dutch law and excluding treasury shares, it announced it will begin the Dutch legal squeeze-out. A squeeze-out allows a majority holder to buy out the remaining shareholders so the company can be delisted.
The offeror said in the offer document it does not intend to restore enough free float for regular trading. The squeeze-out may be preceded, at the offeror’s choice, by a demerger and a share sale. Timing and terms will be announced in a separate press release.
What happens to Iveco’s listing
Borsa Italiana will order suspension of trading in the shares or the delisting, taking into account the time needed to complete the demerger and share sale or the squeeze-out, the filing states.
What to watch next
Watch for the final reopening results on November 12 and the squeeze-out announcement. For more deal coverage, see our deals and corporate news page.
Frequently asked questions
What is a squeeze-out in a takeover?
A squeeze-out lets a buyer that holds at least 95% of a company's shares compulsorily acquire the remaining shares, so the company can be delisted. Here the Dutch legal squeeze-out is planned once provisional results are confirmed.
This article is a summary for information only and is not investment advice. Figures are as reported by the sources above; please verify with the original filing or report before making any decision.
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