Tata Motors shares in focus as firm's takeover bid in Italy's Iveco crosses 80% threshold
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Tata Motors shares are in focus after the firm secured 87.81% of Iveco Group’s share capital.
- ✓In a regulatory filing on October 27, Tata Motors said it met the minimum threshold for its €3.91 billion takeover bid.
- ✓The company expects to announce final results on October 29 before making payments.
Story at a Glance
- Category
- BUSINESS
- Reported By
- Business Today
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
Shares of Tata Motors Ltd are in focus today after the Tata Group firm said it has secured provisional acceptances covering 87.81% of Iveco Group’s share capital under its €3.91 billion (approximately Rs 42,561 crore) takeover offer, meeting the minimum acceptance threshold and bringing the acquisition of the Italian commercial vehicle manufacturer closer to completion.
In a regulatory filing on October 27, Tata Motors said its wholly owned subsidiary, TML CV Holdings B.V., had received provisional results indicating that shareholders had tendered 238.16 million Iveco shares by the October 26 deadline.
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.
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