New Delhi, Oct. 23 -- Two hedge funds and an activist investor built stakes worth a combined €728 million in Italian truckmaker Iveco months before Tata Motors Ltd's takeover offer opened, positioning themselves for about €350 million in returns from Iveco's sale of its defence business to Leonardo and Tata's proposed buyout of the rest.

According to Mint's review of disclosures and calculations, Davidson Kempner, Syquant Capital and Petrus Advisers accumulated their positions between July 2025 and September 2026, after Tata announced the deal and before it opened the offer for subscription.

At Tata's revised offer price of €14.40 per share, the three investors could make a combined gain of about €63 million, in ...