Latest news with #Agnelli-owned
India.com
30-07-2025
- Automotive
- India.com
Months after Ratan Tata's death, Tata Motors seals biggest auto deal, buys Italian company for Rs 391200286500, company is...
Months after Ratan Tata's death, Tata Motors seals biggest auto deal, buys Italian company for Rs 391200286500, company is... Tata motors is all set to buy famous Italian truck making company Iveco from the Agnelli family. This will be the biggest deal of Tata motors as the giant is set to acquire the company for about $4.5 billion dollars, or 3.9 billion euros. The last significant acquisition by the company was in 2008, when it bought Jaguar Land Rover (JLR) for $2.3 billion dollars. This acquisition would become the Tata group's second largest after Corus and the largest for its automotive division. When will be the official announcement? It is revealed that both Tata Motors and Iveco have scheduled board meetings on Wednesday in order to approve the deal. Iveco has also confirmed on Tuesday, that the company had engaged in 'ongoing, advanced' deals with various parties regarding two deals: once that would concern its defence operations and the other that for the remainder of the organisation. Why Iveco is a bet for Tata motors? According to sources, Tata motors plans to acquire 27.1% ownership from the Agnelli family's investment firm Exor, which currently holds 43.1% voting rights. Which will lead them to initiate a tender offer so they can acquire shares from small stakeholders. The deal does not include the defence division with Tata motors. This comes after Iveco announced in May about its plans to either separate or divest the company's defence operation by the end of this year, and that they already received purchase proposals as well. Hike in stakes? Iveco's shares saw a significant increase of up to 7.4% during trading hours, rising its market value to $6.15 billion dollars, a twofold increase in the current year. Both the company's boards, along with Exor, are extremely supportive of the potential transaction, given the longstanding alliance between the Agnelli family and the former chairman of the group, Ratan Tata. This comes after a past joint venture between Agnelli-owned Fiat motors and Tata in India. The Agnelli family maintains significant investments in Ferrari, the dutch automotive conglomerate that encompasses the Fiat brand. The transaction involves Morgan Stanley from Tata's side and Goldman Sachs from Agnelli's, with Clifford Chance providing legal counsel. 'Discussions have been ongoing for the last one and a half months and have intensified in recent weeks,' said one of the sources. 'Both sides entered into an exclusivity agreement for bilateral negotiations. The exclusivity is due to lapse on August 1.' This acquisition would be structured through a Dutch subsidiary, wholly owned by Tata motors. This acquisition presents opportunities for Tata motors, and helps them in expanding their commercial vehicle operations with access to advanced technology and expanded market presence. Iveco, generates most of its revenue from Europe (around 74%), and maintains operations across North and Latin America
Time of India
30-07-2025
- Automotive
- Time of India
Tata Motors looks to buy Italian truck maker Iveco; deal likely at $4.5 billion - set to be Tata group's second biggest acquisition
The last significant acquisition by Tata Motors was Jaguar Land Rover (JLR), purchased for $2.3 billion in 2008. In its biggest acquisition ever, Tata Motors is preparing to acquire Italian truck manufacturer Iveco from the Agnelli family, its main shareholder, for $4.5 billion (3.9 billion). The last significant acquisition by Tata Motors was Jaguar Land Rover (JLR), purchased for $2.3 billion in 2008. This acquisition would become the Tata Group's second-largest after Corus and the largest for its automotive division, sources familiar with the negotiations told ET. The sources revealed that both Tata Motors and Turin-based Iveco have scheduled board meetings on Wednesday to approve the deal. On Tuesday, Iveco confirmed it was engaged in "ongoing, advanced" discussions with various parties regarding two deals: one concerning its defence operations and another for the remainder of the organisation. Riding High Tata Motors Bets on Ivec According to sources familiar with the proposed merger and acquisition structure who spoke to ET, Tata Motors plans to acquire 27.1% ownership from the Agnelli family's investment firm Exor, which currently holds 43.1% voting rights. Subsequently, they will initiate a tender offer to acquire shares from smaller stakeholders. The defence division will not be included in the deal with Tata Motors. In May, Iveco had announced its intention to either divest or separate its defence operations by 2025's end, noting that they had already received purchase proposals. On Tuesday, Iveco's share price saw an increase of up to 7.4% during trading hours. The company's market value has risen to $6.15 billion, representing more than a twofold increase this year. Tata and Iveco's board, along with Exor, are supportive of the potential transaction, given the longstanding alliance between the Agnelli family and the group, particularly with former chairman Ratan Tata. The historical connection includes a previous joint venture between Tata and the Agnelli-owned Fiat Motors in India. The Agnelli family maintains significant investments in Ferrari and holds control of Stellantis, the Dutch automotive conglomerate that encompasses the Fiat brand. The transaction involves Morgan Stanley as Tata Motors' advisor, whilst Goldman Sachs represents the Agnellis and Iveco. Clifford Chance provides legal counsel. "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." The proposed acquisition would be structured through a Dutch subsidiary, wholly owned by Tata Motors. The initial report of the Tata-Iveco negotiations appeared in Reuters on July 18. For Tata, this acquisition presents opportunities to enhance their commercial vehicle operations through access to advanced technology and expanded market presence. While Iveco generates 74% of its revenue from Europe, it maintains operations across North and Latin America. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
Asharq Al-Awsat
29-03-2025
- Business
- Asharq Al-Awsat
Juventus Says It May Need More Cash, Secures $16 Million from the Agnellis
Juventus may need more money to steady its finances after parting ways with manager Thiago Motta, the Italian football club said, adding its top shareholder had agreed to provide 15 million euros ($16 million) ahead of a potential share issue. Juventus, which has been controlled by the Agnelli family for a century, has been forced to raise around 900 million euros from its shareholders over the past six years. Agnelli-owned Exor has agreed to make a 15-million-euro cash contribution against a potential future new share issue, the club said late on Friday. Juventus this month replaced Motta with former player Igor Tudor after two consecutive heavy defeats in a disappointing season, with the club standing fifth in Serie A. The club said recent performance on the field and Motta's departure had prompted it to reassess results for this quarter and next, as well as prospects for the 2025-2026 financial year. Juventus' financial year runs from July 1 to June 30. The club said overall targets under its plan through 2027 still stood, but the review had highlighted the potential need for a cash injection, ranging from 15 million euros to as much as 10% of its market value. Juventus was worth 1.14 billion euros at Friday's closing price. Exor could cover the cash call in full but would invest at least enough to keep its stake unchanged, Juventus said. A final decision on the capital hike will be taken after the current season and the summer transfer campaign for players. Juventus swung to a profit in the first half of this fiscal year, thanks to its return to Europe's lucrative Champions League competition, but it does not expect a net profit for the full year. The club was docked 10 points in the 2022-23 season and banned from European competitions in 2023-24 after accounting issues. It denied any wrongdoing and said its accounting was in line with industry standards.
