Latest news with #CliffordChance
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First Post
3 hours ago
- Automotive
- First Post
Bigger than Jaguar Land Rover acquisition, Tata Motors to take over Italian auto giant Iveco
Tata Motors is closing in on a landmark $4.5 billion deal to acquire Italian truckmaker Iveco from the Agnelli family's Exor. If finalised, the deal would mark the Tata Group's second-biggest acquisition and would be significantly larger than its $2.3 billion buyout of Jaguar Land Rover. read more Bigger than Jaguar Land Rover acquisition, Tata Motors to take over Italian auto giant Iveco. Image: Reuters Tata Motors is set to acquire Italian truckmaker Iveco in a $4.5 billion deal from the Agnelli family's holding company, Exor, The Economic Times reported. If sealed, it would mark the second-largest acquisition in Tata Group's history, behind only its $12.9 billion takeover of Corus in 2007, and the most significant yet for its automotive division. The Indian carmaker had earlier acquired Jaguar Land Rover (JLR) in 2008 for $2.3 billion. The boards of Tata Motors and Turin-based Iveco are expected to meet Wednesday to approve the transaction, with a formal announcement anticipated the same day. STORY CONTINUES BELOW THIS AD Defence, core businesses under separate talks Iveco on Tuesday confirmed that it is in 'advanced discussions' with multiple parties over two separate deals, one involving its defence business and the other covering its core operations. The company had earlier stated plans to spin off or divest its defence arm by the end of 2025, and has received interest from potential buyers. Besides trucks, Iveco manufactures buses and engines, and is currently valued at about $4.9 billion. Exor, the investment firm of the Agnelli family, holds a 27.1 per cent stake and 43.1 per cent voting rights in the company. Tata Motors is reportedly being advised by Morgan Stanley, while Goldman Sachs is representing Exor and Iveco. Legal counsel is being provided by UK-based Clifford Chance. According to ET, Tata Motors plans to route the transaction through a Dutch-based special purpose vehicle (SPV) fully owned by the company. Negotiations have been underway for six weeks, with both parties now working under an exclusivity agreement that expires on August 1. National scrutiny likely in Italy Despite being a recognised commercial vehicle maker in Europe, Iveco is the smallest among the continent's major players, behind Volvo, Daimler, and Traton. Its frequent presence on M&A watchlists stems from this relative size, although its defence division has often complicated potential deals. Any major acquisition involving Iveco is likely to come under Italy's 'golden power' regulations, which enable the government to intervene in sales involving companies deemed strategically important to national interest. Iveco employs around 36,000 people globally, including 14,000 in Italy.


India.com
17 hours ago
- 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
a day ago
- 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

Yahoo
24-07-2025
- Business
- Yahoo
Clifford Chance partners pocket record £2.1mn
Clifford Chance partners pocketed record average earnings of £2.1mn in the year to the end of April, after investment in the US and Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data


Reuters
23-07-2025
- Business
- Reuters
Law firm Clifford Chance reports 9% revenue gain, citing US, Middle East growth
July 23 (Reuters) - London-founded law firm Clifford Chance on Wednesday reported its highest-ever revenue and profits, with U.S. revenue up 18%. The firm said it increased overall revenue by 9% to 2.4 billion pounds sterling ($3.25 billion) and partnership profit by 11% to 944 million pounds ($1.28 billion) in its financial year that ended April 30. Like other global firms with UK roots, Clifford Chance has pushed in recent years to expand its stake in the U.S. legal market, which is the world's largest. The firm has long had New York and Washington, D.C., offices, and in 2023 opened an office in Houston, where there are now about 40 lawyers. It also cited U.S. growth as a key revenue driver in its prior fiscal year. Clifford Chance's U.S. work in the past year has included advising Reinsurance Group of America on its $32 billion reinsurance agreement with Equitable Holdings Inc. The firm did not detail revenue amounts by region. It said its largest revenue increase was in the Middle East, where receipts rose 36%. The firm has four offices in the Middle East and North Africa, as well as a joint venture in Saudi Arabia that operates as a separate firm from Clifford Chance. Other London firms have also begun releasing financial results for the last year under a requirement to file accounts with the UK government. Rival firm Linklaters on Tuesday said it grew profit before tax to 1.08 billion pounds sterling ($1.46 billion), buoyed by a 57% increase in U.S. profits. The firm's revenue jumped to 2.32 billion pounds sterling ($3.13 billion). Kennedys last month reported a 22% revenue increase in North America, reaching nearly 110 million pounds sterling ($148.78 million) for the region out of a total 428 million pounds sterling ($578.87 million) firmwide. ($1 = 0.7394 pounds)