India's Tata seeks to expand revenues, access new technologies with $4.5 bln Iveco buy
The all-cash deal marks the biggest transaction for Mumbai-based Tata Motors (TAMO.NS), opens new tab, which made its last big purchase in 2008 when it acquired Jaguar Land Rover from Ford Motor Co (F.N), opens new tab for $2.3 billion.
Shares of Tata Motors fell as much as 2.4% on Thursday morning, reflecting concerns around possible high levels of debt and equity the truckmaker will need to raise, but recouped those losses and were little changed as of 0826 GMT.
Iveco (IVG.MI), opens new tab and Tata's commercial vehicles business will have combined revenues of about 22 billion euros ($25 billion), with half coming from Europe, 35% from India and the remainder from the Americas, the Indian automaker said in a statement to the stock exchanges late on Wednesday.
This is "the next logical step" after Tata Motors' demerger of its three businesses - commercial vehicles, passenger cars and electric vehicles, the company's chairman N Chandrasekaran said in the statement.
"(This) will allow the combined group to compete on a truly global basis with two strategic home markets in India and Europe," he said.
The deal, expected to close by April 2026, will give Tata Motors' trucks and bus business a foothold in the European market, where it will go head-on with Volvo (VOLVb.ST), opens new tab and Daimler (DTGGe.DE), opens new tab.
Tata already has a manufacturing and sales presence in Europe through Jaguar Land Rover, which has been a cash cow for the company but is increasingly facing pressure in its major markets of China and the United States.
It will also get access to Iveco's future technologies including electrification as well as its talent pool.
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BBC News
41 minutes ago
- BBC News
Dalman dismisses Cardiff takeover talk as 'fiction'
Cardiff City chairman Mehmet Dalman has dismissed as "fiction" the idea that the club is close to being Wales and Real Madrid forward Gareth Bale has publicly stated that a consortium he is fronting has made offers to buy the Bluebirds, while there have been reports of takeover bids from a South Africa-based admitted there had been informal approaches from potential suitors – only one, unnamed, which they are taking "seriously" – but said club owner Vincent Tan was not interested in chairman also rubbished speculation that he himself was considering buying Cardiff over from Bluebirds were relegated from the Championship last season and begin their League One campaign at home to Peterborough United on Saturday."This has been fascinating work of fiction. Let me be very clear on the record, nobody from a South African consortium came to see me," said Dalman."We have not entertained anybody coming around to look at this club. We have never spoken to the regulators or EFL [English Football League] or anybody."I have never tried to put a consortium together to take over this. I have never showed any interest in taking over this club. I came with Vincent, I will probably go with Vincent."There is an attempt by a number of groups to try to buy this club on the cheap so they're pulling these stories out. We just need to kill them [the stories]. Our focus is to get promoted."I take one seriously. Are we pursuing it? No." This is the first time anyone on Cardiff's board has addressed the takeover talk, which escalated when Bale revealed in June that his consortium had approached the Bluebirds about purchasing his home legendary former Wales captain then said in July the group had made a second offer, while South African businessman Gary Otto was rumoured to be leading a rival acknowledged their interest but questioned how serious that was."I guarantee you that every team that gets relegated gets approaches because there are people that they are looking for value purchases," he said."We always have approaches. Most of them are pathetic. Some of them have substance."Of course, we had approaches, but that's not a bid. You would be shocked how low some of the numbers have been when people have rung up."For me to me to take anybody seriously, I need to know who they are in their entirety. I need to know proof of funds, preferably by a financial institution of some credibility. I need to know who their lawyers are, and I need to know who their accountants are. Until they give me those four things, I don't have an offer."Dalman has previously said that Tan would be open to selling at the right value will have dropped as a result of their relegation last season, and the owner would prefer to sell in the Championship or, ideally, back in the Premier League, where they have spent two seasons during his 15 years in said there was a "cast-iron" offer on the table two seasons ago when Cardiff in the Championship but, even then, Tan was reluctant to sell."I would not want to sell at this level," said Dalman. "I would want to see us in the Championship, which is really where this team should be."We got really close two seasons ago when we were in the Championship and we had a cast-iron offer. And that was the closest we were to selling."The last valuation we did was about £40m. The reason why I think you can ask for a premium is this is a Premier League-quality stadium and a Premier League catchment area."It's maybe £50m if you stretch it. Let's assume a Championship [club] is £100m, do you want to sell it now? In the Premier League it could be £400m."So it's different dynamics, but I think you do not want to sell an asset when it's rock bottom."
Times
41 minutes ago
- Times
The expensive reality of owning a château — and how to buy one
With multiple turrets, 55 rooms and a medieval moat, Château de Bourneau in western France is straight out of a fairytale. However, for Erin Choa, the British woman who bought the château with her French husband, Jean-Baptiste, in 2018, there have been many less-than-romantic moments. 'I certainly didn't feel like a glamorous chatelaine when I was covered in soot helping to fit a 16m flue for a wood-burner — our only source of heating,' Choa says. 'Or the time I threw a dinner party and was wearing wellingtons under my evening dress, because an hour before we'd been tackling a flood in the kitchen.' You can see why people are seduced by the idea of owning a château. Just a few minutes browsing online and you'll soon be wondering if you could turn that down-at-heel €500,000 (about £430,000) pile into the home of your dreams or a boutique hotel. Especially if you're living in a cramped London flat that would sell for more. But what's the reality behind the dream? Let's start with that 'bargain' asking price. For a €500,000 château, you'd need to budget for notary fees and taxes on top (about €31,000). And don't forget to check if the buyer or seller is paying the agency fees. They're considerably higher than in the UK — averaging about 5 per cent — so that's potentially another €25,000 to pay. This is before you factor in the costs of a cross-border solicitor — not compulsory but advisable for such a significant investment. Legal fees can easily reach £10,000. If you need a mortgage, take heed too. 'Few French banks are willing to lend for the purchase of a château,' says Fiona Watts of the mortgage broker International Private Finance. 'It's such an unusual building that if they had to repossess it, it's not liquid enough for them to sell easily.' Structural surveys are not commonplace in France but, if you were planning to buy a historic home for a six-figure sum or more, would you want to go ahead without one? Typical fees start at about £3,000, depending on the size, age and complexity of the estate. 'Châteaux with multiple independent buildings will naturally cost more,' says Matthew Noble of MKN Surveyors. • Read more expert advice on property, interiors and home improvement In general, the cheaper the château, the more expensive the upgrade project. Renovation work in France is estimated at €1,700-€2,000 per sq m, but protected features, specialist materials and tradesperson skills can push that to €3,500 per sq m. 'On a normal house you might pay €35,000-€50,000 to replace a roof, but for a château it could be €200,000 due to the size,' says Tom Easdown an architect for French Plans, a firm that helps English speakers to navigate the French planning system. In fact, that's exactly the price Jon and Carmen Parker are expecting to pay next year to replace the roof at their home, Château de Cézérac in Lot-et-Garonne, southwest France. 'Don't just look at the attractive purchase price but what it's going to cost you to renovate,' Jon says. 'Bank on doubling both the money and time you'd expect.' Note too, that the cost of building materials in France has gone up in recent years. Brits over there have long been shocked at the price of paint, for example — and you'll need thousands of litres to coat a château. 'We have seen beautiful 12-bedroom-plus châteaux for €300,000, but the amount you would have to inject to get them liveable and functioning for a business could be millions,' Choa says. 'Expect to pay €100,000-plus for re-roofing, €80,000-plus for new heating systems — and consider the costs of rewiring and plumbing. Finding a project with renovation potential that wasn't a total wreck but within our budget was tricky. We love DIY but are aware of our limitations.' Often, the only way châteaux are affordable is to do much of the work yourself. 'You need stamina, the days are long and you'll end up spending a lot of money,' Jon Parker says. 'But we wouldn't change the experience for anything.' • How British gîte owners are changing tactics as the cost of living bites Once you've completed the renovation — that's if you ever do; many châteaux have unfinished rooms left for future projects — you'll need to budget for maintenance and running costs. The price of a boiler powerful enough to heat a vast château is something to bear in mind, and that's before you pay the heating bills. 'The favourite topic of conversation between château owners is the heating system,' Choa says. 'When we invest in this, it will easily be our biggest expenditure.' The same goes for Roland Salvato, the owner of Château de Balsac in Aveyron, southern France. 'Our largest annual expense is heating,' he says. 'Even with some insulation, costs have gone through the roof, literally. We pay more than €12,000 a year for energy, €3,000 for home insurance and €5,000 for basic maintenance and upkeep. Our largest renovation expenditure was creating two B&B rooms and bathrooms, at a cost of about €45,000. 'You'll probably need to reinvest into the property at least 5 per cent of its total value every year to maintain it — and 10 per cent for repairs and minor upgrades,' he adds. As well as maintenance for the château itself, you should also consider the costs involved in running a large estate. 'You may have to invest in tractors or lawnmowers, which can be over €10,000,' Choa says. 'Our outgoings are easily €4,000-€6,000 a month and that doesn't include any renovation costs. But our château is 1,000 sq m and we have four large cottages that sleep 44, and 32 acres of land.' When things go wrong, they tend to go wrong on a huge scale. 'If a window breaks, we need to replace a 6ft pane of glass, and when you have over 100 windows in just the château alone, it's easy to see how one stormy night can leave you quaking,' Choa says. The larger and more valuable the property, the higher the annual property taxes too — and the cost of home insurance can come as a shock too. 'At one point, we were quoted €8,000 a year,' says Rory Thersby, who owns Château de Pican in Gers, southern France, with his wife, Jane. 'Local insurers told us they couldn't insure a property of this size because it was beyond the parameters they were happy to work within. It was an anxious process trying to find an affordable quote,' Rory says. 'Both our property and car insurance are twice what we were paying in the UK,' Jane adds. • How to renovate in France, by the stars of Château DIY Plus, note that any changes to the exterior of a French property — whether a humble cottage or grand château — will require planning permission. Even down to the colour of the shutters. Work on a historic home is likely to need the involvement of the Architectes des Bâtiments, the French equivalent of the National Trust. Then there's all the paperwork — tackling French bureaucracy is notoriously tricky. 'French red tape is like a hydra,' Jane Thersby says. 'You chop off one head and more grow in its place, with more and more documents being required, each of which requires multiple pieces of evidence to be produced, involving multiple authorities. That said, our village mayor has been helpful and is sympathetic when it comes to these bureaucratic burdens.' Few châteaux are bought as private homes, with commercial ventures ranging from B&Bs to huge events businesses. While this brings in much-needed income, it also adds extra costs, from fire and safety installations to staffing. 'We were surprised at how difficult and expensive it is to employ staff for a small business in France, which is why we end up doing everything ourselves, which limits our expansion,' Choa says. If none of this has put you off, France offers a great choice of locations and châteaux. Almost a thousand are listed for sale on the website Belles Demeures alone, ranging from €142,000 (just the three bedrooms) to €100 million-plus. These included formidable fortifications, Renaissance palaces, spacious country homes and wine estates. Smaller, more manageable châteaux are popular, mostly because they're easier and cheaper to run. Clearly the costs and work involved with owning a château can be immense, but there's an extra element to ownership that often comes as a surprise to a newbie. 'We didn't realise when we bought Château de Bourneau that we would inherit a role as the custodians for this generation,' Choa says. 'We are caretakers of a shared history with our community. We received visits of welcome from local dignitaries, and I have even been introduced as the 'Dame de Bourneau'!' So, is owning a château a dream or a nightmare? It can be both, with extreme highs and lows. 'It's a path fraught with unknowns, head-scratching, gut-wrenching problems and roadblocks,' Rory Thersby says. 'It takes more than a fairy godmother to turn a rundown château into a home fit for a king. But I love knowing that we are becoming a part of this old building's history.' For Choa, waking up and looking across the moat through a turret window still gives her a thrill every morning. 'It's a hard-earned privilege to call Château de Bourneau home and to be her guardians for this generation. The hours are long, the journey isn't always easy and caring for a historic monument is extremely expensive. But there is something so special about being a part of her history and protecting her for future generations to enjoy.' • Attend a formation civique — a mandatory course in how to adjust to French life — early in your residency. Contact the French Office for Immigration and Integration ( to arrange this. • If applying for a visa, or waiting for one to come through, be patient. The process can take several months. Utilise expats' social media support groups, such as Expats Move to France (177,000 members on Facebook) for tips.• You will need your visa to get a social security number, which unlocks a huge variety of state services including your carte vitale, France's health insurance card. If you don't have one, and arrive as a tourist (which allows you to stay for up to 90 days within any 180-day period), you'll need comprehensive travel insurance to cover any eventualities.• Beware France's vicious cycle of bureaucracy: you won't be able to get a bank account without a permanent address … but you won't be able to get a permanent address without a bank account. Many newcomers register themselves temporarily at the French address of a family member or friend to get around this.
The Sun
41 minutes ago
- The Sun
Man Utd able to buy Benjamin Sesko NOW without player sales thanks to Marcus Rashford's Barcelona loan transfer
MARCUS RASHFORD has helped give Manchester United the financial wriggle room to land top target Benjamin Sesko - without selling ANYBODY else before the summer window closes. United are continuing their push to land the Leipzig ace, although the Old Trafford club expect negotiations may take some time amid a full-on tussle with Newcastle. 4 The Red Devils made their first direct approach for the £70m Slovenian on Wednesday, signalling their ability to take their summer spending over the £200m mark while Toon bosses are understood to have reached agreement on personal terms. Newcastle also made the first move - launching a bid worth £70million for Sesko - who now has two options to choose from. Contact has continued since and is likely to be stepped up once United return home from the final game of the Premier League Summer Series against Everton in Atlanta in a bid to see off Newcastle's interest. And their determination to land Sesko, 22, has been sharpened by the financial benefits of Rashford's loan move to Barcelona. The Catalan club agreed to take on Rashford's £16m annual wage bill, an agreement which made a significant dent in United's debit sheet. United also raised £20.7m from sell-on clauses including Anthony Elanga's move to Newcastle and the £5m paid by Chelsea to pull out of their deal to sign Jadon Sancho. And successful negotiations with Wolves and Brentford respectively as part of the signings of Matheus Cunha and Bryan Mbeumo have also helped. Rather than paying the bulk of the £130m total fees up front, United agreed to pay in multiple instalments, spreading the cost. 4 CASINO SPECIAL - BEST CASINO BONUSES FROM £10 DEPOSITS And with Newcastle fearing Sesko, 22, has already decided that United are the club for him, the way seems clear for Ruben Amorim to land his man. That will, though, require ongoing discussions with the Bundesliga club, who are determined to get their asking price. Not qualifying for Europe this season means United do not have to stick to Uefa's limit of spending no more than 70 per cent of their annual income on transfers and wages. But while the club does still have PSR issues to juggle with, they have eased slightly after the controversial club cuts programme ordered by Sir Jim Ratcliffe and Ineos. Nevertheless, the huge transfer fees paid over recent seasons have lumbered the club with significant 'amortisation' costs that are still being carried. It means that, if Sesko joins Bryan Mbeumo and Matheus Cunha in a £200m-plus attacking trident, sales will have to be made before the end of the financial year on June 30. 4
