Latest news with #Agnelli
Time of India
3 hours ago
- Automotive
- Time of India
Tata Motors set to acquire Italian truck maker Iveco for $4.5 billion in its biggest deal to date
Mumbai: Tata Motors is all set to buy Italian truck maker Iveco from its principal shareholder, the Agnelli family , for $4.5 billion (₹3.9 billion, making it the Tata Group 's second-largest acquisition after Corus and the largest ever for the automobile major, people aware of the discussions told ET. In 2008, Tata Motors bought Jaguar Land Rover (JLR) for $2.3 billion. Explore courses from Top Institutes in Please select course: Select a Course Category MCA Data Science Artificial Intelligence Technology Product Management Public Policy Data Analytics Management Data Science MBA healthcare Degree Digital Marketing PGDM Operations Management Project Management others Others Finance Healthcare Cybersecurity Design Thinking CXO Leadership Skills you'll gain: Programming Proficiency Data Handling & Analysis Cybersecurity Awareness & Skills Artificial Intelligence & Machine Learning Duration: 24 Months Vellore Institute of Technology VIT Master of Computer Applications Starts on Aug 14, 2024 Get Details A formal announcement on the takeover is expected as early as Wednesday, said the people cited above. The boards of Tata Motors and Turin-based Iveco are meeting on Wednesday to approve the transaction, said the people cited above on the condition of anonymity, as the talks are still in private domain. Iveco said on Tuesday it was in "ongoing, advanced" talks with different parties for two separate transactions regarding its defence business and the rest of the company. Exclusivity Agreement 'The board of directors of the company is in the process of carefully reviewing and evaluating all aspects of these potential transactions,' the company said in a statement, without giving further details. People aware of the proposed M&A deal structure told ET that Tata Motors would buy 27.1% from Exor, the investment company of the Agnelli family, and launch a tender offer (similar to India's open offer mechanism) to buy out the other smaller shareholder groups. Exor also controls 43.1% of the voting rights of the truck maker. Iveco is demerging its defence business, which will not be a part of the Tata Motors transaction. The Tata Group is confident of buying 100% of the listed Iveco without the defence business. The Italian company had said in May that 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. Shares of Iveco surged as much as 7.4% intraday on Tuesday on expectations of a transaction. The stock has more than doubled this year, valuing the company at $6.15 billion. Past partnerships Exor and the board of Iveco are believed to be in favour of the sale to Tata as the Agnellis have been an old ally of the group and its former chairman Ratan Tata, a motorhead himself. Tata also had an old joint venture with Agnelli family flagship Fiat Motors in India. The Agnellis are also prominent stakeholders in Ferrari and also control Stellantis, the Dutch automotive group that has subsumed the Fiat brand. Morgan Stanley is advising Tata Motors, while Goldman Sachs is working with Agnellis and Iveco. Clifford Chance is the legal advisor. 'Discussions have been ongoing for the last one and a half months and have intensified in recent weeks,' said one of the sources cited above. 'Both sides entered into an exclusivity agreement for bilateral negotiations. The exclusivity is due to lapse on August 1.' Tata Motors plans to route this transaction through a Dutch entity, which will be fully owned by Tata Motors. Reuters was the first to report about Tata-Iveco talks for a possible deal on July 18.
Economic Times
21-07-2025
- Automotive
- Economic Times
What if Tata Motors buys Iveco's truck unit? Will it propel or drag like JLR?
Italy's Agnelli family had a good outing on the European bourses on Friday. The shares of Iveco, owned by the Agnellis and one of Europe's leading commercial vehicle makers after Volvo, Daimler, and Traton, jumped 8.3% after Reuters reported that Tata Motors has approached the family to acquire a controlling stake in the company. Italian newspaper Il Giornale ran the headline 'Iveco Group may become Indian,' adding that Exor, the Agnelli
Yahoo
21-07-2025
- Automotive
- Yahoo
Agnelli family reportedly in talks to sell Iveco
The Agnelli family is currently engaged in discussions regarding the potential sale of the Italy-based truck manufacturer Iveco, Reuters has reported. The Agnelli family's investment firm, Exor, has been approached by India's Tata Motors, which has shown interest in acquiring a controlling stake in the Iveco Group, sources familiar with the matter told the publication. Iveco, which specialises in the production of trucks, buses, and engines, has a market capitalisation of approximately €4.2bn ($4.9 billion) and is considered one of the smaller players among Europe's truck manufacturers. The potential sale would not include Iveco's defence division, Iveco Defence Vehicles, which the company has previously announced plans to divest by the end of 2025, the report added. This segment has garnered interest from various parties, with offers that could value the division at up to €1.9bn. Exor, which oversees the Agnelli family's investments, holds a 27.1% stake in Iveco, equating to 43.1% of the voting rights. The Italian government has previously intervened in the sale of the company, blocking a bid from Chinese firm FAW in 2021. Since then, Iveco has been spun off from CNH Industrial and operates as an independent entity. The company employs roughly 36,000 people worldwide, with a significant portion of its workforce based in Italy. Any transaction involving Iveco is expected to be scrutinised under Italy's 'golden power' legislation, which allows the government to influence deals that involve strategically important companies. The discussions between the Agnelli family and potential buyers, including Tata Motors, have not been previously reported. As the talks progress, the outcome could lead to a notable shift in the European automotive landscape. The news of these discussions has had an immediate impact on Iveco's stock value, which experienced a significant increase on the Milan stock exchange, closing 8.3% higher on 18 July. As the news broke, Italian trade unions called for a meeting with Industry Minister Adolfo Urso to discuss the implications for the company's future. "Agnelli family reportedly in talks to sell Iveco" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Reuters
21-07-2025
- Automotive
- Reuters
Exclusive: Agnellis in talks over Iveco sale, Tata Motors has made approach, sources say
MILAN, July 18 (Reuters) - Italy's Agnelli family is in talks over the possible sale of truck maker Iveco ( opens new tab, three sources told Reuters, with two mentioning Tata Motors ( opens new tab as a potential buyer. India's Tata Motors has approached Exor ( opens new tab, 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. Exor and Iveco declined to comment. Tata Motors did not reply to a request for comment. Shares in Iveco jumped as much as 9.7% on the Milan bourse following the news published by Reuters. The stock ended trading up 8.3% on Friday. Italian trade unions also reacted to the Reuters report, asking Industry Minister Adolfo Urso to be summoned to discuss the company's prospects. 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. 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 capitalisation of around 4.2 billion euros ($4.9 billion). It is the smallest among Europe's leading truck makers - a market led by Volvo ( opens new tab, Daimler ( opens new tab and Traton ( opens new tab - 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 (CNH.N), opens new tab. 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 ( opens new tab and Germany's Rheinmetall ( opens new tab, and two others from Franco-German tank maker KNDS and arms company Czechoslovak Group. 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. ($1 = 0.8590 euros)
Economic Times
19-07-2025
- Business
- Economic Times
European shares end flat as markets assess earnings flurry
European shares were unchanged on Friday, as losses in heavyweight healthcare shares were countered by an advance in oil and gas stocks, closing out a busy week filled with corporate earnings from around the continent. ADVERTISEMENT The pan-European STOXX 600 index held steady at 547 points, clocking marginal weekly losses. Regional bourses were mixed with Germany's benchmark DAX dropping 0.3%, while the UK's blue-chip FTSE 100 gained 0.2%. With corporate earnings gaining steam, investors are closely examining corporate guidance to see how firms are adjusting to the shifting U.S. tariff policy, ahead of the August 1 trade deadline. "Earnings misses in Europe are being punished by more than history would suggest, pointing to greater scrutiny after a remarkable rally year-to-date," said Laura Cooper, head of macro credit and investment strategist at Nuveen. "How corporates are navigating tariff uncertainty, potentially weaker demand, and supply chain dynamics will be in focus, though a message of past-peak tariff enthusiasm could prop up sentiment and drive greater upside." ADVERTISEMENT On Friday, Swedish mining equipment maker Epiroc dropped 9.2% after its second quarter results missed market expectations. Atlas Copco also fell 7.8% after the Swedish industrial group reported second-quarter adjusted operating profit below market expectations and a decline in orders. ADVERTISEMENT There were bright earnings as well, with Saab jumping 16.4% after posting higher-than-expected second-quarter earnings and raising its sales outlook. Getinge added 6% after the Swedish medical equipment maker reported second-quarter core earnings above market expectations. ADVERTISEMENT Industrials was the best performing STOXX sub-sector this week, while automobiles was the laggard this week. On Friday, healthcare stocks were the top losers with British drugmaker GSK down 4.6% after a U.S. FDA advisory panel recommended against approving its blood cancer drug Blenrep due to concerns over side effects. ADVERTISEMENT Helping offset some losses, oil and gas shares added 0.6% and food and beverages advanced 0.8%. Among other moving stocks, Danish wind turbine maker Vestas jumped 15% after J.P. Morgan upgraded its rating to "overweight" from "neutral". Iveco climbed 8.3% after a Reuters report that Italy's Agnelli family is in talks over the possible sale of the truck maker with two mentioning Tata Motors as a potential buyer. Swedish home appliances maker Electrolux slumped 14.3% after poor second-quarter performance in Europe and India's Reliance Industries said its retail unit acquired home appliance maker Kelvinator from Electrolux. (You can now subscribe to our ETMarkets WhatsApp channel)
