India, Oct. 30 -- Tata Motors has acquired an 89.42% stake in Italian commercial vehicle manufacturer Iveco Group, making it an indirect subsidiary of the Indian automaker following the completion of the initial settlement of its tender offer.
In a joint statement, the companies said TML CV Holdings B.V., an indirect wholly owned subsidiary of Tata Motors, acquired 238,157,212 common shares of Iveco, representing approximately 89.42% of its common share capital, excluding treasury shares.
The acquisition marks the integration of Iveco Group into Tata Motors' commercial vehicle business.
Published by HT Digital Content Services with permission from Dion Global Solutions Limited....