The Indians are finally getting their prize. Tata Motors' acquisition of Iveco has slipped again — and this isn't the first delay. Back in May, the Italian group still expected to close the deal by the end of September 2026. Now the public tender offer will only open in early September, with completion pushed to early November.
According to Iveco's press office, just one regulatory approval stands between the company and the start of the process. Tata Motors, the Italian company says, has already answered every request from the relevant authority and expects a final decision by the end of August.
The offer covers Iveco's ordinary shares at €14.10 apiece. The civil side of the group is valued at roughly €3.8 billion. The deal includes trucks, buses, powertrains and financial services — but not the defence units IDV and ASTRA.
Timing is the real story here. In January, the offer was expected to wrap up in the first half of 2026. In February, the target moved to the second quarter. By May, it had slipped to the third quarter. The current schedule, closing in early November, means at least one more quarter of delay on top of the last official forecast. That's four slips in a row.
One preparatory step is already done: in March, Iveco sold its defence business to Leonardo, and on April 22 it paid shareholders a special dividend of €5.8216 per share. A shareholder who collected that dividend and then tenders into Tata Motors' offer will end up with €19.9216 per share across the two combined operations.
Iveco's leadership is also bracing for the change of control. CFO Anna Tanganelli will leave the company on November 2 — right after the bulk of the offer is expected to close. Iveco has already begun the search for her successor.
