ECB clears Tata Motors's ₹40,000 cr bid for Iveco Group
Big news: Tata Motors just got the green light from the European Central Bank for Tata Motors's commercial-vehicle business' ₹40,000 crore (€3.8 billion) takeover offer for Iveco Group.
This isn't just about trucks. Tata's also picking up stakes in two French financial companies tied to Iveco.
The move is led by Tata Motors's commercial vehicle business, with TML CV Holdings BV as the entity making the offer.
Tata Motors awaits Consob approval
After approvals from regulators in the UK and Spain earlier this year, Tata now needs Italy's Consob to sign off before things go official.
Once that happens, the deal will open up in Italy and even include eligible US shareholders.
If all goes well, Tata Motors will seriously boost its global presence in commercial vehicles, especially across Europe.