Italy’s market regulator Consob has given the green light to the offer document for Tata Motors’ voluntary tender offer for the outstanding common shares of Iveco Group, moving the proposed acquisition of the commercial vehicle manufacturer into its next phase. The approval means Iveco shareholders will soon be able to decide whether to participate in Tata Motors’ offer. The acceptance period is scheduled to start on September 7 and run through October 26, unless the window is extended under the applicable rules.
The offer is being made through TML CV Holdings, an indirect wholly owned subsidiary of Tata Motors. The consideration has been set at €14.10 per Iveco share on a cum-dividend basis, according to Tata Motors’ stock-exchange filing on Friday.
Under the proposed schedule, shareholders of Iveco will have several weeks to tender their holdings, with the current acceptance period ending on October 26.
Investors whose shares are successfully tendered during this period are expected to receive payment on October 30. This falls on the fourth trading day following the conclusion of the offer period.
However, the transaction could provide another opportunity for shareholders who do not participate during the initial window. Subject to applicable legal requirements, the acceptance period could reopen for five trading days between November 2 and November 6.
For shares tendered during this additional period, payment is currently expected on November 13.
Tata Motors-Iveco Offer Could Reopen In November
Tata Motors has said it will issue a separate communication covering the publication and distribution of the offer document. That announcement is also expected to explain the process shareholders will need to follow if they wish to participate in the tender offer.
The offer is being launched in Italy, while shareholders in the United States will also be covered in accordance with applicable US securities regulations.
The geographical scope of the offer is more restricted in some other markets. It will not be launched in Canada, Japan or Australia, as well as other jurisdictions where additional regulatory clearances would be required.
Consob Nod Marks Another Step In Iveco Acquisition
The Consob approval represents an important procedural milestone in Tata Motors’ planned acquisition of Iveco. Tata Motors first announced the transaction in July 2025, with the proposed deal being pursued through entities holding the company’s commercial vehicle operations.
While the regulatory approval clears the way for the tender process to move ahead, the offer itself continues to remain subject to the terms and conditions specified for the transaction.
The development comes as Tata Motors advances its plans to expand its presence in the global commercial vehicle market through Iveco. The tender offer provides shareholders with a defined opportunity to participate in the proposed transaction at the stated offer price.
