ITALY Indian conglomerate Tata Motors has announced its acquisition, via a wholly-owned subsidiary, of the commercial vehicle division of Iveco in a move which the companies say brings together complementary capabilities, global reach, and a shared strategic vision to drive long-term growth and unlock significant value. The news follows the recommendation by the Iveco Group Board that Tata Motors’ all-cash voluntary tender offer be accepted. The deal is conditional on the separation of Iveco’s defence business, which has been divested to Leonardo, and values the commercial vehicle division at around €3.8 billion.
