Global law firm Clifford Chance has advised Tata Motors, a global automotive leader, on the envisaged €3.8 billion recommended voluntary tender offer for Iveco Group, a European leader in commercial vehicles and mobility. Completion of the offer is conditional on the separation of Iveco Group’s defence business.
The offer would bring together two businesses with highly complementary product portfolios and capabilities and with substantially no overlap in their industrial and geographic footprints, creating a stronger, more diversified entity with a significant global presence and sales of over c.540k units per year. Together, Iveco and the commercial vehicle business of Tata Motors will have combined revenues of c.€22 billion split across Europe (c.50%), India (c.35%) and the Americas (c.15%) with attractive positions in emerging markets in Asia and Africa.
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