November 9, 2026
Tata Motors is about to own almost all of Iveco Group, and the last few percent matter more than what they cost. Holders tendered 18,309,029 more shares in the reopened offer that closed on November 6, according to the provisional results release Iveco published for Tata’s bidding company. If the count holds, Tata will own about 96.29% of the shares outside treasury, past the 95% line the Dutch Civil Code sets for a squeeze-out, and the release says Tata will start one.
Once that runs, Iveco stops being a listed company. The reopening also moves the test of the deal from how many shares Tata collects to what Iveco earns inside Tata, and the first numbers are weak: in the third quarter, Iveco’s trucks, buses and engines together made no adjusted operating profit.
What is final, and what is not
BNP Paribas, the bank collecting acceptances, supplied the count, and none of it is final yet. The final results are due by 7:29 a.m. CET on November 12. The reopened shares are paid for the next day at €14.40 each, €263.65 million in all.
When GCBC reported the first count on October 28, the open question was how much of the last tenth Tata would collect. It collected almost two-thirds of it. Across both periods Tata will hold 256,466,241 shares, bought for about €3.69 billion at the price it raised once, from €14.10, during the offer.
About 9.9 million shares stay with other holders, worth about €142 million at the offer price. The release does not say what the squeeze-out will pay or when it starts. Tata promises a later release on the timing and terms, and keeps the option of a demerger and share sale first, the alternative route its offer allows. Borsa Italiana will then suspend or delist the shares.
What Tata owns now
The buyer is Tata’s commercial-vehicle company. It took the Tata Motors name in October 2025, when the passenger-car business was split off as Tata Motors Passenger Vehicles, so Iveco, whose bid GCBC covered on September 15, joins Tata’s trucks and buses, not its cars.
It is buying Iveco without its armoured vehicles. Iveco handed its defence business, the IDV and Astra brands, to Leonardo on March 18, so Tata gets the civil group: Iveco trucks and vans, Iveco Bus and Heuliez, FPT engines and the Iveco Capital lending arm. Tata already controls the board, with N. Chandrasekaran, chairman of Tata Sons, in the chair since the first shares settled on October 30. Olof Persson stays on as Iveco’s chief executive.
By Tata’s description, its trucks and buses sell in India and emerging markets and Iveco’s in Europe and Latin America. Tata’s November 3 release puts the combined group at about 590,000 vehicles a year and about €21 billion of revenue.
The quarter Tata takes on
Iveco’s own third-quarter results, out the same day, show the business Tata is taking whole. Revenue rose 1.4% to €3.16 billion. Adjusted EBIT in the industrial businesses fell to nil from €76 million a year earlier, which Iveco puts on higher production costs from its push on quality, lower net pricing on trucks and a weaker mix. Those businesses also burned €656 million of free cash, an outflow Iveco calls normal for the season.
European orders for Iveco’s medium and heavy trucks rose 23% in the same quarter, against the run of its profit. The company expects profitability to recover in the fourth quarter.
That quarter is the first Tata will report with Iveco inside. Its finance chief, GV Ramanan, said in Tata’s second-quarter results on October 23 that the company was preparing “for consolidation from next quarter”. Tata Motors brings a growing business to the deal: wholesales rose 42% in the July to September quarter, and it reported net cash of ₹159 billion at September 30, before it had paid for a single Iveco share.
What decides it next
November 12 settles the count, and the squeeze-out rests on it staying at or above 95%; a final figure below that line would be the surprise. After that, Tata’s release on the squeeze-out sets the price for the last 9.9 million shares and the day Iveco stops trading in Milan. The real verdict comes with Tata’s results for the quarter to December 31, the first to show whether Iveco’s promised recovery arrived and how the purchase sits on Tata’s balance sheet.
