Tata Motors has crossed the definitive threshold for absolute control.
Filing regulatory disclosures on Monday, the Indian auto major announced that its subsidiary, TML CV Holdings, secured 18,203,217 additional ordinary shares during the reopened tender offer for Iveco Group. The buyout pushes Tata Motors' controlling interest to 96.25% of Iveco's voting capital, comfortably above the 95% Dutch statutory threshold needed to extinguish remaining public shares through a mandatory squeeze-out.
Cash speaks. The additional shares taken up in the reopened window represent roughly 6.71% of Iveco's ordinary equity, costing Tata Motors an aggregate €262.13 million. That brings the total haul to 256,360,429 shares, building on the 238,157,212 shares—equivalent to 87.81%—pocketed during the primary tender round. Regulatory authorities adjusted the final acceptance tally down by 105,812 shares compared to provisional figures issued on November 6, though the minor correction did nothing to dent Tata's overwhelming command.
To determine the final 96.25% stake, auditors stripped out Iveco’s 4,868,597 treasury shares, which represent approximately 1.80% of ordinary share capital. TML CV Holdings now turns its legal machinery on the remaining 9,986,374 outstanding ordinary shares held by public holdouts, representing the final 3.68% slice of Iveco's equity.
Corporate filings confirmed the operational path forward: the offeror will formally launch the Dutch legal squeeze-out for every outstanding common share not yet in its hands. Crucially, management bypassed an interim restructuring, clarifying that the "Dutch Legal Squeeze-Out will not be preceded by the implementation of the Demerger and Share Sale."
| Transaction Metric | Disclosed Figure | Details |
|---|---|---|
| Reopened Shares Tendered | 18,203,217 | 6.71% of ordinary share capital |
| Total Shares Acquired | 256,360,429 | Includes 238,157,212 from initial offer |
| Final Stake Cleared | 96.25% | Net of 4,868,597 treasury shares (1.80%) |
| Residual Shares to Squeeze Out | 9,986,374 | 3.68% of Iveco ordinary capital |
| Reopened Capital Outlay | €262.13 million | Cash payout for reopened tender |
| Final Purchase Price | €14.40 per share |
Consideration stands fixed at €14.40 per share, pairing the original €14.10 headline bid with an extra €0.30 cash top-up sweetened on October 9. Settlement for all shares tendered across the reopened window is set for November 13, 2026, coinciding with the simultaneous transfer of title. Detailed procedural calendars and formal filing terms for the residual buyout will follow via separate statutory announcements.
| Base €14.10 plus €0.30 cash addition |