Tata Motors Takes Control of Iveco With 89.42% Stake

Iveco is officially Tata Motors' problem now — and its prize. The Indian group's Dutch subsidiary, TML CV Holdings, has wrapped up the first settlement stage of its takeover and now controls about 89.42% of the Italian commercial vehicle maker's share capital, according to Electrive. Shareholders still holding out have until 6 November to sell at €14.40 a share, with that second acceptance round settling on 13 November. That could push Tata's stake even higher.

The offer officially landed at 87.8% acceptance, clearing the 80% minimum threshold of ordinary shares that Iveco's general meeting set on 16 October. Tata first pitched €14.10 per share in mid-2025 before lifting the price to €14.40 in October, a move that pushed the total transaction value to roughly €3.91 billion from about €3.8 billion. Iveco's board had unanimously backed the deal, calling it the best long-term outcome for the company and its stakeholders.

New owners, new bench. Iveco's board will shrink to six members, with Tata Group CEO Natarajan Chandrasekaran as Chairman and former Iveco CEO Olof Persson stepping in as Executive Director. Tata Motors' P. B. Balaji and Girish Wagh join alongside independent directors Günter Butschek and Charles Nichols. On the money side, Damiano Cretarola was appointed CFO on 21 October and formally took over from Anna Tanganelli on 2 November.

The combined group is projected to sell more than 540,000 vehicles a year and pull in around €22 billion in revenue, split across Europe at 50%, India at 35% and the Americas at 15%. Iveco's powertrain arm, FPT Industrial, is slated to play a central role in pushing emission-free transport worldwide. Before all this, the Agnelli family's Exor holding controlled Iveco with 27.1% of shares but 43.1% of voting rights — and Iveco had already shed its defence business to Leonardo for about €1.6 billion earlier this year.

For Tata, the appeal is geographic. It already owns Jaguar Land Rover but had essentially no European commercial vehicle footprint and no factories there — Iveco, which drew 74% of its revenue from Europe, hands over both. Tata has committed to preserving Iveco's plants and jobs and keeping the headquarters in Turin, backed by non-financial commitments that stay valid for two years after completion. Iveco employs around 33,325 people as of end-2025, nearly 14,000 of them in Italy.

Tata spent 2024 splitting its own passenger car and commercial vehicle businesses apart so each could chase its own strategy. Chandrasekaran called the Iveco purchase a logical next step that lets the combined group compete globally with two home markets in India and Europe. Persson, speaking when the plans first surfaced over a year ago, said the merger unlocks potential to sharpen industrial capabilities and expand into key global markets. Iveco, long one of Europe's smallest commercial vehicle players, had been circled as a takeover target for years.