Tata’s Iveco Bid Clears Its 80% Floor at 89.42%, Provisionally

October 27, 2026

TLDR: 89.42% of Iveco Group’s shares outside treasury were tendered to Tata Motors by the October 26 close, according to provisional results. That clears the 80% minimum shareholders approved on October 16, not the 95% the offer started with. Final results are due October 29, and the offer reopens November 2 to 6.

Tata Motors has enough of Iveco Group to go ahead, provisionally, and it owes that to a vote taken ten days before the window shut. Holders tendered 238.16 million shares by the October 26 close. That is 89.42% of Iveco’s capital outside treasury shares, according to the provisional results release Iveco published for Tata’s bidding company.

The offer that opened on September 7 needed 95% of the shares. Tata’s launch release let that fall to 80% if shareholders approved a back-end resolution, and they did on October 16. That vote lowered the bar by 15 points. On the original terms, the count would have missed by more than five. GCBC’s September 15 piece on the offer called that meeting the real test.

Exor, Iveco’s largest shareholder, could not have carried the count alone. When the two companies announced the deal in July 2025, Exor held about 27% of Iveco’s common shares and 43% of its voting rights, and committed to tender. Counted against all of Iveco’s capital, including the 1.8% Iveco holds as treasury shares, the tender came to 87.81%. Even if all of Exor’s shares are in it, more than two-thirds of that tally came from Iveco’s other holders.

Those holders tendered at a price Tata raised once, to 14.40 euros a share from 14.10, a week before the meeting. At that price the tendered shares are worth about 3.43 billion euros, by the release’s own count.

The tenth still outside

About one share in ten outside treasury was not tendered, and the offer gives Tata one more pass at it. If the final count confirms the provisional one and the remaining conditions are met or waived, the offer reopens from November 2 to 6. Shares tendered in the first period are due to be paid for on October 30, those tendered in the reopening on November 13.

Final results, with the status of the offer’s other conditions, are due before the market opens on October 29. A final count far from the provisional one, or a condition left unmet, would be the surprise. Short of either, the reopening decides how much of that last tenth Tata adds to a deal the two companies said in 2025 would create a commercial-vehicle maker selling more than 540,000 vehicles a year.