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Core Viewpoint - Tata Motors has reached an agreement to acquire Iveco for approximately €3.8 billion, with the transaction expected to be completed by mid-2026, excluding Iveco's defense business [2][3][4] Group 1: Acquisition Details - Tata Motors will purchase all issued ordinary shares of Iveco at a price of €14.1 per share, totaling around €3.8 billion [2][4] - The acquisition does not include Iveco's defense business, which will be sold to Leonardo for €1.7 billion, expected to be completed by Q1 2026 [2][3] - Following the acquisition, Tata Motors plans to delist Iveco from the Milan Stock Exchange and operate it as a wholly-owned subsidiary [4] Group 2: Company Background - Iveco is a well-known commercial vehicle manufacturer based in Turin, Italy, with approximately 36,000 employees, including 14,000 in Italy [3] - The largest shareholder of Iveco is Exor Group, which holds about 27.06% of ordinary shares and 43.11% of voting rights [3] - Tata Motors is the largest automotive manufacturer in India and has a history of strategic acquisitions, including Jaguar and Land Rover in 2008 [6] Group 3: Strategic Implications - The merger is seen as a logical next step for Tata Motors, enhancing its competitive position in global markets by leveraging both Indian and European markets [6] - The combined entity is expected to have a global annual sales volume exceeding 540,000 units, with total revenue projected to reach approximately €22 billion [7] - The merger will create a complementary product portfolio, with significant market presence in Europe (50%), India (35%), and the Americas (15%) [7]