Tata Motors Clears ECB Hurdle for €3.8-Billion Iveco Takeover

Tata Motors' commercial-vehicle business has secured European Central Bank approval for its €3.8-billion takeover offer for Iveco Group, paving the way for the Indian truck maker to expand its global footprint.

The company said that TML CV Holdings BV, the entity making the offer, had confirmed that all prior authorizations required by the sector regulatory framework relating to the Voluntary Totalitarian Tender Offer for all common shares of Iveco Group N.V. have been obtained.

The ECB authorized Tata's proposed indirect acquisition of qualifying holdings in IC Financial Services SA and CNH Industrial Capital Europe SAS, two Iveco-linked specialized credit institutions authorized in France.

The clearance comes after Britain's Financial Conduct Authority approved the change of control of Iveco Retail Ltd and IC Financial Services UK Ltd on January 5, while the Bank of Spain followed on June 24, issuing its non-opposition to Tata's acquisition of an indirect qualifying holding in Transolver Finance.