Tata Motors to buy Italy's Iveco for $4.4bn
Tata Motors of India will buy Italy's Iveco Group for 3.8 billion euros ($4.4 billion) in a bid to create a "global champion" in the commercial vehicles sector, the two companies said Wednesday.
The deal excludes Iveco's defence division for armoured vehicles, which is to be sold to Italian defence and aerospace group Leonardo, in a 1.7-billion-euro deal announced earlier Wednesday.
The combined company after Tata's takeover aims to sell around 540,000 vehicles a year for total annual revenues of 22 billion euros, of which half would come from Europe, 35 percent from India and 15 percent from the Americas.
Tata and Iveco -- which also makes engines and buses -- said in a joint statement there was "no overlap in their industrial and geographic footprints, creating a stronger, more diversified entity" which would use a shared strategic vision to drive long-term growth.
The deal is expected to close in the first quarter of 2026, underscoring the status of Tata in Europe, with Jaguar Land Rover notably a wholly owned subsidiary of Tata Motors.
"The reinforced prospects of the new combination are strongly positive in terms of the security of employment and industrial footprint of Iveco Group as a whole," Iveco's chairwoman Suzanne Heywood said in the statement.
For Natarajan Chandrasekaran, chairman of Tata Motors, "this is a logical next step following the demerger of the Tata Motors Commercial Vehicle business, and will allow the combined group to compete on a truly global basis with two strategic home markets in India and Europe.
"The combined group's complementary businesses and greater reach will enhance our ability to invest boldly. I look forward to securing the necessary approvals and concluding the transaction in the coming months," he added in the statement.
Iveco Group's CEO Olof Persson said the merger was "unlocking new potential to further enhance our industrial capabilities, accelerate innovation in zero-emission transport, and expand our reach in key global markets."
He added: "This combination will allow us to better serve our customers with a broader, more advanced product portfolio and deliver long-term value to all stakeholders."
Separately, Iveco's armoured vehicles unit will be sold to Leonardo, whose chief Roberto Cingolani said the move would make it a "reference player in the European land defence market".
Leonardo has announced it plans to integrate its electronic systems, including new-generation combat sensors, into Iveco Defence vehicles to "guarantee optimal effectiveness of operational solutions offered".
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
11 hours ago
- Gulf Today
Norris wins in Hungary to trim Piastri lead as McLaren reel off another 1-2
Lando Norris trimmed McLaren team-mate Oscar Piastri's lead in the drivers' world championship to just nine points on Sunday when he switched tactics to lead him home by just 0.698 seconds in a thrilling finish at the Hungarian Grand Prix. The 25-year-old Briton, who moved from a two-stop strategy to one stop, held off series leader Piastri, on fresher tyres, over the closing laps of a strategic contest to claim McLaren's 200th victory and their record 13th win in Hungary. It was Norris's first win at the Hungaroring in the event's 40th race, avenging his 'team orders' defeat in 2024 when Piastri claimed his maiden success, his fifth victory of the season and the ninth of his career. The dominant McLaren pair finished 22 seconds clear of third-placed George Russell of Mercedes with pole sitter Charles Leclerc of Ferrari fourth, grumbling at the Italian team's poor planning after he slipped out of the leading position. 'I wasn't planning to do a one-stop,' said Norris. McLaren's Lando Norris celebrates on the podium with a trophy after winning the Hungarian Grand Prix in Hungaroring, Budapest, Hungary. Reuters 'But it was the only option to get back into things and it was tough. Oscar was pushing all the way.' Piastri said he had done all he could to triumph. 'It was great racing,' he said. 'Lando did a great job.' His drive brought McLaren their fourth consecutive 1-2 finish. Two-time champion Fernando Alonso came home fifth for Aston Martin ahead of Sauber's Gabriel Bortoleto, Lance Stroll in the second Aston Martin, rookie Liam Lawson of Racing Bulls and frustrated four-time champion Max Verstappen of Red Bull. Mercedes' rookie Kimi Antonelli was 10th ahead of Racing Bulls' Isack Hadjar with seven-time champion Lewis Hamilton 12th in the second Ferrari, 24 hours after declaring himself undeserving of their race seat. Heavy overnight rain had 're-set' the track on a breezy afternoon in front of a big crowd at the Hungaroring. The track temperature was only 31 degrees, encouraging thoughts of a one-stop race as tyre-wear decreased and Leclerc controlled the pace ahead of Piastri, Russell and Norris. Piastri pitted on lap 18, seeking an undercut. He returned in fifth as Leclerc responded to stay ahead. Norris inherited the lead and had a 10-second advantage, as the Monegasque regained second, with Piastri third. Lando Norris celebrates after winning the Hungarian Formula One Grand Prix race. AP He then chose to stay out until pitting, in just 1.9 seconds, for hards on lap 31, rejoining fourth and facing a long run home. At the front, Leclerc responded to an apparent 'bluff' call from McLaren and pitted, falling to fourth and gifting Piastri the lead ahead of a rapid Norris as the race dissolved into a strategy and tyre-management contest between the two McLarens. Norris revelled in his delayed one-stop tactic as Piastri made a second pit on lap 45, the Briton leading with a frustrated Ferrari second, Leclerc blaming his team for bungling his plan before being passed by Piastri around Turn One on lap 51. This left Norris, on ageing tyres, leading his team-mate in a classic scrap to the flag, negotiating traffic and separated by half a second over the final laps. On lap 68, the Australian went close to passing in Turn One and on lap 69, he locked up. 'Remember how we go racing,' Piastri's engineer Tom Stallard reminded him. For Leclerc, soon left a distant third by the two McLarens, it was another pole wasted - the 15th time he failed to convert pole into a win in 16 attempts - and it grew worse when Russell, after two attempts, passed him on lap 63. Agence France-Presse
Tourism Breaking News
11 hours ago
- Tourism Breaking News
Mandarin Oriental to debut in Downtown Dubai with landmark opening at Al Wasl Tower in October
Post Views: 39 Mandarin Oriental is strengthening its presence in the region with the upcoming launch of its second property in Dubai. Set within the striking Wasl Tower, a new architectural icon on Sheikh Zayed Road, Mandarin Oriental Downtown, Dubai is scheduled to open in October 2025. With 259 elegantly appointed rooms and suites, 224 exclusive residences and unobstructed views of both the Arabian Gulf and the Dubai skyline, Mandarin Oriental Downtown, Dubai brings a new perspective to the city's hospitality landscape. Complete with a rooftop helipad for seamless arrivals, the hotel is set to become a pillar of sophisticated urban hospitality. Framed by the region's tallest ceramic façade, the tower's distinctive twisting form is accentuated by innovative fins that optimise airflow for natural cooling. Redefining the city's skyline, it integrates advanced energy-efficient technologies, setting a new standard for sustainable urban design. Embracing Dubai's duality of history and modernity, The Spa at Mandarin Oriental Downtown, Dubai will fuse ancient healing practices with cutting-edge wellness technologies and treatments. Spanning two floors, it offers a holistic path to restoration, guided by the pillars of nourishment, in-room wellness, beauty and intelligent movement. Culinary connoisseurs can look forward to a collection of ten exquisite concepts and bars, spanning French, Chinese, Greek, Italian cuisine, and more, along with vibrant nightlife – all culminating in an exceptional destination. The property will also unveil Dubai's first-ever Mandarin Oriental branded residences, available for lease. Combining the comforts of a private home with the hotel's legendary service and world-class facilities.
Al Etihad
13 hours ago
- Al Etihad
More than 10,000 European hotels seeking damages from Booking.com
4 Aug 2025 09:55 ROME (dpa)More than 10,000 European hotels are joining collective legal action against Amsterdam-based to seek compensation for losses caused by the online travel agency's use of so-called "best price" clauses ban the hotels from offering rooms on their own websites at a lower rate and are seen by them as illegal. The aim is to prevent so-called "free-rider" bookings where customers find the hotel on and then go to the hotel's own website to make their hotels cite a ruling by the European Court of Justice dated September 19, 2024 that essentially states that the best-price clause is court found that platforms like could operate without rules of this kind. This made little difference to travellers. had abolished the clauses in Europe following the European Union's Digital Markets Act of 2024. 'European hoteliers have long suffered from unfair conditions and excessive costs. Now is the time to stand together and demand redress,' Alexandros Vassilikos, president of the HOTREC hospitality sector association, said.'This joint initiative sends a clear message: abusive practices in the digital market will not be tolerated by the hospitality industry in Europe,' he aim of the collective action, known as a class action lawsuit, is to secure compensation for damages incurred between 2004 and action, which is being supported by HOTREC and more than 30 national hotel alliances, will be heard by a Dutch court and coordinated by the Hotel Claims the criticism, is essential for many hotels, as it allows them to reach a large customer base. According to a study conducted by HOTREC and a Swiss hoteliers' college, Booking Holdings held a market share of 71% across Europe in 2023, while the share of direct bookings has declined significantly over recent years.
