A deal for Iveco Group to be taken over by Tata Motors has been agreed.
Tata – which as well as manufacturing vehicles in its own name also owns Jaguar Land Rover and Daewoo – will pay around 3.8 billion euros to complete the takeover.
It is claimed that the combination of Iveco and Tata’s commercial vehicle business will be “better positioned to invest in and deliver innovative, sustainable mobility solutions”.
Iveco Group chair Suzanne Heywood said: “We are proud to announce this strategically significant combination, which brings together two businesses with a shared vision for sustainable mobility.
“Moreover, the reinforced prospects of the new combination are strongly positive in terms of the security of employment and industrial footprint of Iveco Group as a whole.”
Tata Motors chairman Natarajan Chandrasekaran said: “This is a logical next step following the demerger of the Tata Motors Commercial Vehicle business and will allow the combined group to compete on a truly global basis with two strategic home markets in India and Europe. The combined group’s complementary businesses and greater reach will enhance our ability to invest boldly.
“I look forward to securing the necessary approvals and concluding the transaction in the coming months.”
