Tata Motors completed the initial settlement of its recommended cash tender offer for Iveco Group on 30 October 2026, acquiring 238,157,212 shares, or 89.42% of its common share capital excluding treasury shares, for about €3.43bn. The €14.40-per-share price was €0.30 above the original €14.10 offer announced on 30 July 2025. The deal covers Iveco’s commercial-vehicle and powertrain businesses; its defence activities were excluded and handled separately with Leonardo. The integration creates the world’s fourth-largest commercial-vehicle manufacturer, with the combined business projected to generate annual revenue of about €21bn.
For Spain, the immediate question is the role of the Madrid and Valladolid plants. Luca Sra, president of Grupo Iveco’s truck division, told a group of Spanish media that Madrid would remain a key facility alongside Valladolid, regardless of the propulsion technology used. Tata Motors has said Iveco will retain its Turin headquarters and distinct industrial footprint, along with its brands and teams.
The plants’ future product allocation remains undisclosed.
Sra said the company was considering its next generation of heavy trucks and developing an innovative high-end product. He described the outlook for Grupo Iveco’s Spanish operations as long and promising, but gave no further details about what the sites might build.
Spain and Italy are the group’s strongest markets, according to Sra. He said both have higher market shares and profitability levels. Tata Motors has more than 73,000 employees worldwide, including more than 4,000 based in Spain. The acquisition followed Tata Motors’ 2025 demerger of its commercial-vehicle business, which separated the division to pursue expansion independently.
The combined business is set to generate €21bn in revenue and operate in 130 countries. It has 27 manufacturing plants and 25 research and development centres, supported by more than 9,300 sales and service locations. The transaction combines Tata Motors’ commercial-vehicle operations with Iveco’s truck and bus businesses, as well as its powertrain business. It also gives Tata Motors access to Iveco’s manufacturing network in Latin America, including facilities in Sete Lagoas, Brazil, and Córdoba, Argentina. Sra praised Spanish suppliers for their contribution to production; a separate report covered Ebro’s €400m plant plan.
After the initial acceptance period, Tata reopened the offer from 2 to 6 November at €14.40 per share. Shareholders tendered a further 18,309,029 shares, taking Tata Motors’ expected holding to 256,466,241 shares, or 96.29% of Iveco’s common share capital excluding treasury shares. Economic Times Auto reported that the holding crossed the 95% threshold for a Dutch-law squeeze-out process. Final results were expected by 12 November, with payment for shares tendered during the reopening scheduled for 13 November; the companies also plan to pursue Iveco’s delisting from the Milan Stock Exchange.
Sra said European factories must become more agile and innovative. He sees different paths for commercial vehicles and heavy trucks: electrification is increasing in last-mile operations, while the shift for heavy vehicles is progressing more slowly. He called for a common European agenda to accelerate that transition.
For heavy transport, Sra expects a mix of technologies. He pointed to a possible continued role for combustion engines using liquefied natural gas and biofuels, citing the availability of biogas in Europe and the potential to convert agricultural or forestry resources into fuel. He said manufacturers have a responsibility to treat the ecological transition as an existing commitment.
