The company is acquiring the commercial vehicle business of Iveco, excluding its defence business, through a voluntary tender offer at €14.1 per share, backed by bridge financing commitments from Morgan Stanley and MUFG.

Tata Motors and Iveco Group have announced a definitive agreement that will see the Indian automotive giant acquire the European commercial vehicle

Exor ( OTCPK:EXXRF ), the investment company controlled by Italy’s Agnelli family and Iveco’s largest shareholder, has agreed to sell its 27% holding to Tata. Tata plans to make a public offer for the remaining shares, paving the way for Iveco to be delisted from the Milan exchange.