Truck Maker Iveco Draws Takeover Interest From Tata Motors
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Italian truck maker Iveco Group NV has attracted takeover interest from India’s Tata Motors Ltd., people familiar with the matter said.
Tata, the owner of Jaguar Land Rover, has approached the billionaire Agnelli family over its controlling stake in Iveco, according to the people. A sale of Iveco would not include the company’s defense business, which is going through a sale process of its own, one of the people said.
Shares in Iveco jumped as much as 9.7% in Milan on July 18. The company has a market value of about 4.5 billion euros ($5.3 billion). Reuters reported on Tata Motors’ interest earlier on July 18.
Deliberations are ongoing and no final decisions have been made, the people said, asking not to be identified as the information is private. Representatives for Exor NV, controlled by the Agnelli family, and Iveco declined to comment. A spokesperson for Tata didn’t immediately provide comment.
Iveco produces commercial vehicles, powertrains, buses and other specialty vehicles. The Italian firm has been looking to sell its defense business, which has attracted bidders including Leonardo SpA, KNDS NV and Czechoslovak Group, Bloomberg News has reported.
Written by Aaron Kirchfeld and Baiju Kalesh
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