The shares represent 87.81% of Iveco’s outstanding common share capital and the shares eligible under the offer. Taking into account Iveco’s treasury shares, which constitute approximately 1.8% of its share capital, the Tata Motors subsidiary’s potential stake stands at 89.42%, excluding treasury shares from the calculation.
Although the results are provisional and remain subject to confirmation, Tata Motors said the minimum threshold condition for the offer had been satisfied based on the acceptances received before the deadline.
The development represents a significant milestone in Tata Motors’ proposed acquisition of Iveco. Earlier this month, the Indian automaker increased its offer price by €0.30 per share to €14.40, compared with the original bid of €14.10 per share.
Tata Motors said the revised price was intended to compensate for an approximately four-month delay in the transaction process. The company had also ruled out any further increase in the offer price.
Based on the provisional results, the Iveco shares tendered during the acceptance period are valued at approximately €3.43 billion.
The final results of the takeover offer are scheduled to be announced by 7:29 am Central European Time on October 29, a day before the scheduled payment date. Shareholders who tendered their shares during the initial acceptance period are expected to receive payment on October 30, subject to the fulfilment of the remaining conditions.
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