Tata Motors has acquired an 89.42% stake in Italian commercial vehicle manufacturer Iveco Group, making it an indirect subsidiary of the Indian automaker following the completion of the initial settlement of its tender offer.
In a joint statement, the companies said TML CV Holdings B.V., an indirect wholly owned subsidiary of Tata Motors, acquired 238,157,212 common shares of Iveco, representing approximately 89.42% of its common share capital, excluding treasury shares.
The acquisition marks the integration of Iveco Group into Tata Motors' commercial vehicle business.