Tata Motors completed the initial settlement of its recommended tender offer for Iveco Group on Friday, bringing the commercial-vehicle maker into the Indian company’s group while leaving a further tender period ahead.
In a joint announcement dated October 30, the companies said the offeror held 238,157,212 common shares after settlement, representing approximately 89.42% of Iveco’s common share capital excluding treasury shares. The cash offer price was 14.40 euros per common share, including dividends.
The settlement does not amount to ownership of all Iveco shares. The offer will reopen for five trading sessions from November 2 through November 6, running from 8:30 a.m. to 5:30 p.m. Central European Time. Payment for shares tendered during that reopening is scheduled for November 13.
The companies said further information about possible post-offer steps, including a voluntary purchase procedure, a Dutch legal squeeze-out or a demerger and liquidation, would be communicated later.
Iveco also announced changes to its board and governance following the settlement. N. Chandrasekaran became chairperson, while Olof Persson remained chief executive. All outstanding special voting shares were repurchased for no consideration, leaving none outstanding.
The company moved the release of its third-quarter financial results to November 3 from November 5.
JBizNews Business Desk | Turin, Italy
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