Tata Motors tender for Italy's Iveco set for September 7 to October 26

Tata Motors will run its tender offer for Iveco from September 7 to October 26, according to a statement issued after Consob, Italy's market regulator, cleared the offer document. Iveco said the window could be stretched by five days, to between November 2 and November 6, if certain conditions are met and the request comes from Tata's TML CV Holdings vehicle. The offer is tied to a larger transaction, under which Tata agreed last year to acquire Iveco's commercial vehicle arm for €3.8 billion ($4.4 billion).

Tata is offering €14.10 in cash for every Iveco share, and the bid carries the support of Exor, which belongs to the Agnelli family. Exor holds 27.1% of Iveco, making it the largest shareholder in the Turin-headquartered manufacturer.

As part of the same arrangement, Iveco had already sold its IDV defence arm to Leonardo, the Italian defence group backed by the state, for €1.7 billion.