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Tata Motors-Iveco deal: Offer reaches 89.42% stake as tender period closes

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Tata Motors-Iveco deal: Offer reaches 89.42% stake as tender period closes

Tata Motors' wholly owned subsidiary has received acceptances for 87.81 per cent of Iveco Group's share capital, taking its proposed holding to 89.42 per cent after accounting for treasury shares. The offer's revised threshold condition has been met.

The minimum shareholding threshold, initially set at 95 per cent, was automatically reduced to 80 per cent following the adoption of a back-end resolution by Iveco's extraordinary general meeting on October 16.

Tata Motors ' wholly owned subsidiary, TML CV Holdings B.V. , has reached a provisional shareholding of 89.42 per cent in Italy-based Iveco Group N.V. after the close of the acceptance period for its voluntary tender offer , the company said in a regulatory filing on Tuesday. According to provisional results communicated by BNP Paribas, Italian Branch, 238.16 million common shares were tendered in acceptance of the offer, representing around 87.81 per cent of Iveco's common share capital. After accounting for 4.87 million treasury shares, equivalent to 1.80 per cent of the capital, the offeror's holding stands at 89.42 per cent, net of treasury shares. Advt

40 per share. 30 announced on October 9. Offer threshold condition met Tata Motors said the threshold condition for the offer has been satisfied based on the provisional results. The minimum shareholding threshold, initially set at 95 per cent, was automatically reduced to 80 per cent following the adoption of a back-end resolution by Iveco's extraordinary general meeting on October 16. The provisional results remain subject to confirmation. The final results and the fulfilment or non-fulfilment of the remaining conditions to the offer are expected to be announced by October 29.


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