India’s Tata Motors will buy Iveco in a deal valued at €3.8 billion, the companies said on Wednesday, after the Italian truckmaker separately agreed to sell its defence business to Leonardo.Tata will launch an all-cash tender offer on Iveco’s shares, subject to the defence business sale, at €14.1 per share.Exor, the investment company of Italy’s Agnelli family, has agreed to hand its 27% controlling stake in Iveco to Tata.“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,” Tata and Iveco said.The combined group would have a global presence, with sales of over 540,000 units per year and revenues of around €22 billion. Tata Motors controls Jaguar Land Rover in the passenger car sector, but has virtually no presence in the European commercial vehicle industry.N. Chandrasekaran, chairman, Tata Motors, said, “This is a logical next step that will allow the combined group to compete on a truly global basis with two strategic home markets in India and Europe.” (ICE NEW DELHI)

Fonte notizia: Hindustan Times