Silent shareholders hold the key to Tata Motors' Iveco deal

The voting numbers show the scale of the challenge. Shareholders holding about 52.9% of Iveco’s common shares, including promoter Exor with 27%, backed the deal-related resolutions, while those with 11.6% voted against them. The remaining shareholders, holding about 35.5%, did not vote at the extraordinary general meeting.

This means Tata Motors must persuade shareholders owning about 27% of common shares from among those who did not vote, assuming those voting against the resolution do not subscribe to the offer till the deadline.

“A large percentage of voting happens in the last 48 hours, so the company is confident of securing the shareholders and reaching the required threshold. It is typical of many investors not to participate in the EGM,” a Tata Motors executive close to the deal said on condition of anonymity. “The current share price of Iveco is trading below the offer price, so the price is fair.”