Tata Motors offers €14.10 a share in €3.82bn Iveco buyout
Business
Tata Motors just announced a voluntary tender offer for Italian vehicle maker Iveco Group for €3.82 billion, offering €14.10 per share.
If the deal goes through, Tata will own all of Iveco and plans to take the company off Euronext Milan.
Exor and Iveco board back deal
The move has solid backing from Exor (Iveco's top shareholder) and received a unanimous thumbs-up from Iveco's board.
Tata Motors Managing Director and CEO Girish Wagh called it a smart step to boost its global game and invest in new technology.
Financing is already arranged with Morgan Stanley Bank, N.A. Morgan Stanley Senior Funding, Inc. and MUFG Bank, Ltd. and shareholders will vote on the deal in October.