Mumbai: Tata Motors’ €14.40 per share offer to acquire the Iveco Group is “last and final”, managing director and chief executive Girish Wagh said Friday, ruling out a further increase despite potential pressure from the Italian commercial vehicle maker’s minority shareholders.
Wagh said the offer was revised earlier this month to compensate shareholders for a four-month delay in securing regulatory approvals across multiple countries. The company raised its bid to €14.40 per share on October 9 from €14.10, describing the revised price as its best and final offer.
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Asked whether the demand of minority shareholders could jeopardise the transaction, Wagh said Tata Motors remained confident following the approval of all resolutions at Iveco’s extraordinary general meeting (EGM) earlier this month. “Purely, looking at the EGM, we are confident of crossing the 80% threshold,” he said.
Iveco shareholders approved the resolutions on October 16, including measures that lowered the minimum acceptance threshold for Tata Motors’ tender offer to 80% from 95%. The offer is scheduled to close on October 26, with settlement expected on October 30, subject to completion of the transaction.
Tata Motors announced its plan to acquire Iveco in July 2025. The all-cash deal, valued at about €3.8 billion when first announced, covers Iveco’s commercial vehicle business but excludes its defence operations.
Also Read: Iveco shareholders approve Tata Motors' takeover bid; acceptance threshold cut to 80 pc