Tata Motors is moving forward with its proposed takeover of Italian commercial vehicle manufacturer Iveco Group. Its indirect subsidiary, TML CV Holdings B.V., has received approval from Italy’s Consob for the voluntary tender offer covering Iveco’s common shares. Under the proposal, Iveco shareholders will be offered €14.10 per share, with the amount including the applicable dividend terms. The offer is expected to represent a transaction value of roughly €3.8 billion, excluding Iveco’s defence business.

The acceptance window is scheduled to open on September 7, 2026, and will remain available until October 26, unless the period is extended. Investors who accept the offer during this period are expected to receive payment on October 30. If the required legal conditions are fulfilled, Tata Motors could reopen the offer for another five trading days from November 2 to November 6. Payments for shares tendered during that additional period would be made on November 13. The acquisition would give Tata Motors a significantly larger presence in the European commercial vehicle market. Iveco has established operations in trucks, buses and other commercial mobility segments, providing Tata Motors with additional international scale and technological capabilities.

The deal is also structured to exclude Iveco’s defence operations. The separation of that business is among the conditions connected with completion of the proposed transaction. Iveco’s board has separately approved its position statement on the offer. Independent financial assessments cited by the company concluded that the €14.10 price is fair from a financial perspective, adding another significant development as shareholders prepare to decide whether to tender their shares. The latest regulatory approval marks an important stage in Tata Motors’ long running plan to combine its commercial vehicle operations with Iveco and build a stronger global player in the sector.