Tata Motors gets all regulatory approvals for Iveco tender offer; stock falls by 4%

Tata Motors has secured all prior authorisations required under the sector regulatory framework for its proposed tender offer to acquire all common shares of Iveco Group, taking the deal a step closer to completion. The company disclosed the development in an exchange filing on September 1.

Reacting to the news, the stock of the commercial vehicle arm slipped by 4.17% to ₹445 at the time of reporting. In the past one week, the shares have fallen by 8%, but on a year-to-date basis, it has seen a marginal increase of 3.88%.

The latest approval came from the European Central Bank (ECB), which authorised TML CV Holdings B.V., Tata Motors’ wholly owned subsidiary making the offer, to acquire indirect qualifying holdings in IC Financial Services SA and CNH Industrial Capital Europe S.A.S. Both entities are authorised in France as specialised credit institutions.

The ECB approval follows two earlier regulatory clearances. On January 5, the UK’s Financial Conduct Authority approved the change in control of IVECO Retail Limited and IC Financial Services UK Limited. On June 24, the Bank of Spain gave its non-opposition to the acquisition of an indirect qualifying holding in Transolver Finance, a financial credit institution.

“As a result of the issuance of the above authorisations, as of today all prior authorisations required by the sector regulatory framework in relation to the Offer were obtained,” Tata Motors said.

Iveco acquisition moves to next stage after regulatory clearances

With the sector-specific approvals now in place, the next step is the formal offer document. Tata Motors said, “Therefore, the offer document will be published upon completion of the review by Consob pursuant to and for the purposes of Article 102, paragraph 4, of the CFA.”

The voluntary totalitarian tender offer is being promoted by TML CV Holdings Pte. Ltd. through its wholly owned subsidiary, TML CV Holdings B.V., and covers all issued common shares of Iveco Group. Tata Motors had announced its decision to promote the offer on July 30, 2025.

The offer will be made on equal terms to all holders of Iveco common shares and will be launched in Italy, while being extended to shareholders in the US in accordance with applicable US securities regulations. The offer document will be published before the tender period begins.