Tata Motors to Acquire Iveco Group in Major European Expansion
Tata Motors has announced its board's approval for the acquisition of Italian firm Iveco Group NV at a cost of approximately 3.8 billion euros. This strategic move aims to enhance Tata Motors' global competitiveness and expand its reach in European and Indian markets, pending necessary approvals.
- Country:
- India
In a significant move, Tata Motors revealed on Wednesday that its board has green-lit the acquisition of the Italian firm, Iveco Group NV, in a deal valued at nearly 3.8 billion euros.
The Mumbai-based automotive giant's executive committee has sanctioned the acquisition of 100 percent common shares of Iveco through an all-cash voluntary tender offer, excluding the defence business, awaiting regulatory and statutory approvals. The proposed transaction aims to acquire 271,215,400 common shares.
Tata Motors Chairman, Natarajan Chandrasekaran, expressed optimism about the transaction boosting the company's global market presence, indicating plans to conclude the deal in the forthcoming months.
(With inputs from agencies.)
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