logo
Tata Motors approaches Italy's Agnelli family to buy controlling stake in Iveco

Tata Motors approaches Italy's Agnelli family to buy controlling stake in Iveco

Time of India5 days ago
Italy's Agnelli family is in talks over the possible sale of truck maker Iveco, three sources told Reuters, with two mentioning
Tata Motors
as a potential buyer.
India's
Tata Motors
has approached
Exor
, the Agnellis' investment company, over its controlling stake in Iveco Group, two of the sources said. A sale would not include Iveco's IDV defence business.
Explore courses from Top Institutes in
Select a Course Category
Technology
PGDM
Leadership
MBA
Finance
Data Science
Data Science
Data Analytics
Project Management
MCA
Degree
Design Thinking
others
Others
Healthcare
Digital Marketing
healthcare
Product Management
CXO
Cybersecurity
Artificial Intelligence
Operations Management
Public Policy
Management
Skills you'll gain:
Duration:
12 Weeks
MIT xPRO
CERT-MIT XPRO Building AI Prod India
Starts on
undefined
Get Details
Exor and Iveco declined to comment. Tata Motors did not reply to a request for comment.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Tiruvallur: 1 Trick to Reduce Belly Fat?
Home Fitness Hack
Shop Now
Undo
Iveco said in May it would press ahead with plans to either spin off its defence business by the end of 2025 or sell it, having already received offers from potential buyers.
A third source said that, as the separation process of the defence unit was progressing, Exor had started talks with more than one non-European counterpart over a possible sale.
Live Events
The talks over the sale of Iveco and Tata Motors' approach have not been reported before.
Exor owns a 27.1% stake in Iveco, with 43.1% of voting rights in the Turin-based truck maker. Iveco, which also makes buses and engines, has a market cap of around 4.2 billion euros ($4.9 billion).
It is the smallest among Europe's leading truck makers - a market led by Volvo, Daimler and Traton - and has often been seen as a potential M&A candidate by investors and analysts. However, its presence in the sensitive business of defence has so far complicated any possible deal and restricted the pool of potential buyers.
The Italian government in 2021 blocked an offer for Iveco from Chinese rival FAW. Iveco was at that time part of the Agnelli-controlled industrial conglomerate CNH. It was spun off and separately listed at the beginning of 2022.
Iveco has received three offers for its defence business, according to two sources: a joint one from Italian defence company Leonardo and Germany's Rheinmetall, and two others from Franco-German tank maker KNDS and arms company Czechoslovak Group (CSG).
These offers value IDV at up to 1.9 billion euros, according to Bloomberg.
Iveco employs around 36,000 people, including 14,000 in Italy.
Any M&A transaction involving Iveco is expected to fall under Rome's 'golden power' legislation, allowing it to set conditions on deals affecting companies deemed of national strategic interest.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Trump deals bring some clarity for world's manufacturing base
Trump deals bring some clarity for world's manufacturing base

Time of India

time10 minutes ago

  • Time of India

Trump deals bring some clarity for world's manufacturing base

Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads After months of uncertainty, President Donald Trump 's latest tariff deals are providing clarity on the broad contours of a new trade landscape for the world's biggest manufacturing on Tuesday announced a deal with Japan that sets tariffs on the nation's imports at 15%, including for autos — by far the biggest component of the trade deficit between the countries.A separate agreement with the Philippines set a 19% rate, the same level as Indonesia agreed and a percentage point below Vietnam's 20% baseline level, signaling that the bulk of Southeast Asia is likely to get a similar rate.'We live in a new normal where 10% is the new zero and so 15% and 20% doesn't seem so bad if everyone else got it,' said Trinh Nguyen, senior economist for emerging Asia at Natixis. At a 15%-20% tariff level, it's still profitable for US companies to import from abroad rather than produce similar goods at home, she US Treasury Secretary Scott Bessent said he'll meet his Chinese counterparts in Stockholm next week for their third round of talks aimed at extending a tariff truce and widening the discussions. That suggests a continuing stabilization in ties between the world's two largest economies after the US recently eased chip curbs and China resumed rare earths exports.'We're getting along with China very well,' Trump told reporters on Tuesday. 'We have a very good relationship.'Throw it all together and a level of predictability is finally emerging after six months of tariff threats that had at one point jacked up tariff levels to 145% on China and near 50% on some smaller Asian exporters. Investors cheered the moves, with Asian shares rising the most in a month and contracts for the S&P 500 up 0.2%. The Nikkei-225 index in Japan jumped 3.2%, with Toyota Motor Corp. and other carmakers leading the gains.'What's been interesting to me is that equity markets still have been fairly rosy about the changes,' Albert Park, chief economist at the Asian Development Bank, said in a Bloomberg Television interview. 'I'm not sure they've priced in fully all of the effects that are likely to occur from the disruption of higher tariff rates.'Back in April, Trump hit the pause button on the steepest levies after a rare combination of weakening US stocks, bonds and the dollar showed investors were unnerved by his protectionist salvos. That bought time for policymakers from Tokyo, Manila and across the globe to negotiate more palatable the latest deals bring some relief, key questions remain. The Trump administration is still considering a range of sectoral tariffs on goods like semiconductors and pharmaceuticals that will be critical for Asian economies including Taiwan and India — both of which have yet to announce tariff agreements with the Korea is also more exposed to sectoral tariffs, even though the Japan deal provides a potential template for new President Lee Jae Trump moves quickly on talks with countries accounting for the bulk of the US trade deficit, he has said he may hit around 150 smaller countries with a blanket rate of between 10% and 15%.With some certainty on tariff levels now emerging, businesses with complex supply chains across Asia and still reliant of the US consumer can start to game out how they'll shift operations to minimize the hit to like the first trade war in 2018, the latest tariff announcements are likely to spur companies to increasingly shift production outside of China. The average tariff rate on the world's second-largest economy remains the highest in the region, and continued White House pressure on the nation's technology and trade ambitions means companies may find more stability and industry groups have been flagging for months that uncertainty is worse than tariffs for investment. The manufacturing sector across the ASEAN region saw the most notable weakening since August 2021, according to S&P PMI, led by a sharper decrease in new orders, major job cuts and weaker purchasing front-loading of shipments from Asia to the US to get ahead of the incoming levies will likely slow once the new rates kick in. While there's relief that tariff rates for Southeast Asian economies and 15% for Japan are lower than some of Trump's earlier threats, the reality is that they're far higher than they were before he took latest deals 'continue the trend of tariff rates gravitating towards the 15-20% range that President Trump recently indicated to be his preferred level for the blanket rate instead of 10% currently,' Barclays Plc analysts including Brian Tan wrote in a note. That skews risks to GDP growth forecasts for Asia 'to the downside,' they US consumers who have so far been spared the tariff ticket shock, economists warn there's likely to be some pass through in the months ahead. Goldman Sachs Group Inc. economists now expect the US baseline 'reciprocal' tariff rate will rise from 10% to 15% — an outcome that threatens to fuel inflation and weigh on economic Reserve Chair Jerome Powell has argued he wants to see where tariffs land and how they filter through the economy before cutting interest rates — much to the annoyance of now, the US president is hailing a win on trade, and investors seem overall relieved.'I just signed the largest trade deal in history — I think maybe the largest deal in history — with Japan,' Trump said at an event at the White House on Tuesday after announcing the deal on social media. 'It's a great deal for everybody.'

China's Brahmaputra dam is also a military asset. It raises alarm for India
China's Brahmaputra dam is also a military asset. It raises alarm for India

The Print

time10 minutes ago

  • The Print

China's Brahmaputra dam is also a military asset. It raises alarm for India

In contemporary geopolitics, infrastructure has become a strategic language of its own, one that Beijing is speaking fluently. Beyond the spectacle of scale, the Chinese online discourse quickly turned the project into a symbol of strategic ascendancy. India, the downstream neighbour, is cast as anxious and reactive . China, in contrast, is portrayed as visionary and unyielding—a master of its geography and architect of a new regional order. Chinese Premier Li Qiang, on 19 July, presided over the groundbreaking of what is set to become the world's largest hydropower dam , on the so-called 'Yarlung Zangbo', as China refers to the Brahmaputra River. Within hours, Chinese online platforms erupted in celebration. A Weibo hashtag marking the occasion—#Construction begins on lower Yarlung Zangbo Hydropower Project—amassed over 73 million views. Engineering feat or strategic signal? The Medog Hydropower Station is projected to cost $167 billion and boasts a planned capacity of 70 to 81 million kilowatts, roughly triple that of the Three Gorges Dam. Once completed, it is expected to generate 300 billion kilowatt-hours annually. The project will take a decade to build, but its signalling to the region, especially India, is immediate. Hu Xijin, former editor-in-chief of the Global Times, a daily Chinese tabloid, criticised Western media for focusing on India's ecological and geopolitical concerns while ignoring what he called an 'engineering miracle'. For Hu, the dam is not just about electricity; it is also a declaration of China's ability to tame the Himalayas and reshape geography. One Chinese commentator claimed that India's objections stem not from technical concerns, but from its deeply entrenched 'security-first' mindset. New Delhi, the commentator argued, has long prioritised control over collaboration, building its own dams while accusing others of weaponising water. 'India's alarmism,' another wrote, 'comes from its own guilty conscience.' China's dual narrative Officially, Beijing is presenting the dam as a developmental initiative, aimed at energy security, poverty alleviation, regional integration, and transforming Nyingchi into the 'Little Sichuan' or 'Jiangnan of Tibet.' Talk of water weaponisation is being brushed aside as paranoia. Commentators invoke 'non-zero-sum' logic and portray China as a responsible upstream actor. But unofficial voices tell a different story. 'India, which tries to control Pakistan with water cuts, now fears China might do the same,' one commentator quipped. Victor Gao, vice president of the Beijing-based Center for China and Globalization, was even more blunt: 'If India uses rivers as leverage against Pakistan, it should be prepared for reciprocity.' These comparisons are not new. Over a decade ago, Ye Hailin, director of Asian Studies at the Chinese Academy of Social Sciences, argued that if India expects restraint from China as an upstream power, it should accept the same standard when Pakistan, downstream of India, makes similar demands. A more recent commentary on Baidu put it less diplomatically: 'Just a month ago, before the official exchange of fire between India and Pakistan, India took the initiative, cutting off water at will, then releasing it, showing little regard for the lives of Pakistani civilians. Faced with a neighbour like India, we [China] must abandon any moral restraint. We should move at our own pace, neither seeking to dominate nor to appease. Stand firm, when necessary, fight when required. Otherwise, we risk being the ones who suffer.' Also read: India's 'triple anxiety'—What Chinese media sees in Jaishankar's Beijing visit Water, border, and politics of control On Chinese social media, the discussion turned openly strategic. One user noted a road built inside the dam tunnels, ostensibly for maintenance, that leads directly to Arunachal Pradesh. 'In peacetime, it is for power,' the user wrote. 'In wartime? I do not need to spell it out.' This is infrastructure envisioned not just as an economic backbone, but as a military asset, both shield and sword. This strategic undertone also helps explain Beijing's long-standing refusal to enter a hydrological data-sharing agreement with India. As Hu Suisheng, senior fellow at the China Institutes of Contemporary International Relations, once noted, such cooperation would implicitly acknowledge India's border position—especially over Arunachal Pradesh, which China disputes. Despite the rhetoric of regional uplift and mutual benefit, India's concerns have been routinely dismissed by the Chinese official narrative and online discourse. There has been no consultation, only unilateral action over a transboundary river system that feeds millions downstream. Beneath China's rhetoric of development flows a deeper current, shaped by quiet force and strategic intent. This is not merely the redirection of water but the rewriting of the regional order through determination and power. For New Delhi, this dam raises alarm. For Beijing, this is advantageous on multiple fronts. Cooperation may be the language used, but the headwaters of the Brahmaputra speak of dominance and unilateral action, not dialogue or mutual benefit. Sana Hashmi is a fellow at the Taiwan-Asia Exchange Foundation. She tweets @sanahashmi1. Views are personal. (Edited by Ratan Priya)

MNCs prefer institutional office assets for setting up GCCs in India: C&W
MNCs prefer institutional office assets for setting up GCCs in India: C&W

Business Standard

time10 minutes ago

  • Business Standard

MNCs prefer institutional office assets for setting up GCCs in India: C&W

Multi-national companies are preferring office space owned by REIT landlords for setting up their Global Capability Centers (GCCs) in India, according to Cushman & Wakefield. Property consultant Cushman & Wakefield in its report 'Asia REIT Market Insight 2024-25' highlighted that the three listed office REITs have delivered more than 15 per cent of capital appreciation in the last 12 months ended June. There are three office REITs in India -- Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT -- while the Nexus Select Trust is backed by retail real estate. As of June 2025, the Indian REIT market, comprising all four REITs, had an operational portfolio size of more than 105 million sq ft. "By the end of the calendar year 2025, a fourth office REIT is expected to make its listing debut on the bourse," the report said. Bengaluru-based Sattva Group and Blackstone-backed Knowledge Realty Trust (KRT) have already filed Draft Red Herring Prospectus (DRHP) with the SEBI. "With 48 million sq ft of pan-India Grade A office space (37 million sq ft operational and 11 million sq ft under development), we expect to see KRT become one of the largest real estate investment trusts listed in India," the consultant said. The report highlighted that MNCs are preferring institutionally owned office assets. "At a Pan-India level, GCCs have accounted for 28-29 per cent of GLV (gross leasing volume) on average over the last four quarters up to Q1 (January-March) 2025," the report said. In contrast, the consultant said that REIT landlords were able to achieve 40-60 per cent of total leasing demand coming from GCC firms. In the 2024 calendar year, Cushman & Wakefield data showed that the gross leasing of office space stood at record 89 million square feet across seven major cities. The report also mentioned that India's office REIT stocks have outperformed the Bombay Stock Exchange (BSE) Realty Index significantly. During the 12-month period up to June 2025, all three office REIT stocks delivered more than 15 per cent capital appreciation. "The key driver has been the underlying strength of India's office real estate market, triggered by heightened demand from GCCs, engineering and manufacturing, and BFSI firms," the report said. The consultant noted that REIT landlords are also benefiting from growing preference for premium workspaces by corporates. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store