Tata Motors approaches Italy's Agnelli family to buy controlling stake in Iveco
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
20 minutes ago
- Mint
Allianz Life confirms data breach affecting majority of 1.4M US customers
MINNEOLIS — Hackers gained access to personal data on the majority of the 1.4 million customers of Allianz Life Insurance Company of North America, the company confirmed Saturday. Minneapolis-based Allianz Life, a subsidiary of Munich, Germany-based Allianz SE, said the data breach happened on July 16 when a 'malicious threat actor' gained access to a third-party, cloud-based system used by the company. 'The threat actor was able to obtain personally identifiable data related to the majority of Allianz Life's customers, financial professionals, and select Allianz Life employees, using a social engineering technique,' Allianz Life said in a statement. "We took immediate action to contain and mitigate the issue and notified the FBI." The company said its own systems were not accessed, just the third-party's platform. Allianz Life said its investigation is ongoing and that the company has begun reaching out to the impacted individuals. It said the incident involves only Allianz Life in the U.S., not other Allianz corporate entities. In the case of data breaches, a 'social engineering technique' usually involves using trickery to gain access. Spokesman Brett Weinberg said he couldn't provide details because they are still investigating. Allianz Life also reported the breach to multiple other authorities, including the Maine Attorney General's Office. A filing on the agency's website said the company discovered the breach the day after it happened, and that it will be offering those affected 24 months of identity theft protection and credit monitoring. Allianz Life was known as North American Life and Casualty until it was acquired by German conglomerate Allianz SE in 1979 and changed its name to Allianz Life Insurance Company of North America. It has nearly 2,000 employees in U.S., with the majority working in Minnesota, according to its website. It is one of five North American subsidiaries of the Munich-based global financial services group Allianz SE, which says it serves more than 125 million customers worldwide. This article was generated from an automated news agency feed without modifications to text.
Mint
20 minutes ago
- Mint
Global oversight needed for the tokenization of currency: Nirmala Sitharaman
Finance minister Nirmala Sitharaman on Saturday called for a redefinition of multilateral institutions to provide effective oversight as countries explore the tokenization of currency, warning of rising complexity and the lack of global frameworks to govern this shift. Speaking at the release of a book, A World in Flux: India's Economic Priorities, in New Delhi, she said that multilateral institutions have never been left in limbo in the last 100 years. The finance minister said this is true for financial as well as strategic institutions. Every multilateral institution that has successfully served earlier is now wondering where it is, what its immediate future will be, and how it will redefine itself. Her concerns about the tokenization of currency—the transformation of money into digital tokens on a blockchain or distributed ledger—come at a time when cryptocurrencies are increasingly making their way into the financial world. The Reserve Bank of India has cautioned multiple times that virtual currencies are risky. However, the US government under President Donald Trump is encouraging more innovation in this area. In January, Trump signed an executive order to ensure Washington's leadership in digital financial technology. He then set up a working group to develop a federal regulatory framework governing digital assets, including stablecoins, and to evaluate the creation of a strategic national digital assets stockpile. Trump also revoked the Treasury Department's 'Framework for International Engagement on Digital Assets, which suppressed innovation and undermined US economic liberty and global leadership in digital finance'. The US is also trying to become the 'crypto capital of the planet', according to the presidential order. Sitharaman said multilateral institutions have to be redefined. 'If you could go for a currency with no gold backing sometime in the 70s, now it is already moving towards tokenization and is that something on which we see the depth of?' The minister also asked if there was any framework under which any country could unilaterally take that route. 'Who is going to have oversight on these sorts of things?' The minister said the depth and the complexity of the situation were increasing. The book, A World in Flux: India's Economic Priorities, edited by Amita Batra, former chairperson at the Centre for South Asian Studies and A.K. Bhattacharya, editorial director at Business Standard is published by Rupa Publications India Pvt. Ltd. Sitharaman also said in response to a question about the normalization of economic ties with China that it was right to point out that there are calls for greater access and interaction with China, and possibly to open some windows. 'That is not just from our side, even the Chinese have been approaching through the ministry of external affairs,' the minister said, referring to external affairs minister S. Jaishankar's recent visit to China. 'There is some kind of beginning. As to how far it will go, it is something we will have to wait and see,' the minister said, adding it might help the economy, and a sense of caution would have to be built in. To a question on investments in the economy, she said that companies' and banks' balance sheets have become healthier, and the corporate tax rate was cut to boost investments. Referring to what the minister was hearing from observers and her own interactions with business leaders, Sitharaman asked if businesses were sitting on passive, investible funds. 'That is, investible funds that are being engaged passively rather than investing and expanding capacity. That is an issue that I would obviously want the industry to speak about.' On trade, she said bilateral trade has now taken priority over multilateral trade, though she could not comment on the merits of this trend. The minister added that negotiations for trade deals are well progressing with the US and the EU.
Time of India
34 minutes ago
- Time of India
We've one: Karnataka counters AP's first quantum computer claim
Bengaluru: A battle over quantum computing bragging rights has erupted between Andhra Pradesh and Karnataka after Andhra CM N Chandrababu Naidu claimed his state would deploy India's first indigenously built 8-qubit quantum computer" in Amaravati by Nov. Karnataka was quick to respond, asserting that the country's first operational quantum computer is already live in Bengaluru. In his rebuttal, Karnataka science and technology minister NS Boseraju said the 25-qubit quantum computer, named Indus and built by Bengaluru-based QpiAI, has been providing commercial services since April 2025. "For the record, India's first quantum computer—built indigenously by @QpiAI right here in Bengaluru—began commercial operations in April 2025," he said in a statement. "This 25-qubit quantum computer, named Indus, is already delivering real-world services in sectors such as healthcare, defence, advanced research, finance, and others," he added. You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru Naidu, in a July 24 post on X, had stated: "Our state is set to deploy India's first indigenously built 8-qubit quantum computer this Nov in Amaravati, with support from @QpiAI. This initiative, backed by the National Quantum Mission, aims to transform agriculture, water management, and healthcare. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Top 15 Prettiest Icons In The History The Noodle Box Undo I would like to congratulate QpiAI founder Mr Nagendra Nagarajan and express my gratitude to @nqmdst for their support of this project. " State leading in innovation, says tech minister Boseraju dismissed the notion that AP was leading the quantum race. "Karnataka is not only leading the nation in quantum innovation but also continues to strengthen its position as the epicentre of India's quantum future," he said. "While celebrating our progress, we must also cultivate a culture of considering facts and figures," he added. He also noted that India's first Quantum Research Park has been established at the Indian Institute of Science, Bengaluru, with the Karnataka cabinet approving Rs 48 crore for its second phase. "Several initiatives are underway to ensure the holistic growth of the quantum sector in Karnataka," he said.
