De Brauw, together with PedersoliGattai, advised Iveco Group N.V. on the envisaged recommended voluntary public offer by Tata Motors Limited for all issued common shares of Iveco, representing a total consideration of approximately EUR 3.8 billion.

The offer is conditional upon the separation of Iveco’s defence business, which is to be effected through either a sale to Leonardo S.p.A. – concurrently announced at an enterprise value of EUR 1.7 billion – or a spin-off. As a result, the total estimated value to Iveco shareholders amounts to approximately EUR 5.5 billion.

Exor N.V., Iveco’s largest shareholder, has irrevocably committed to support the offer and tender its shares, representing approximately 27.06% of Iveco’s common shares and 43.11% of the voting rights.

De Brauw and PedersoliGattai acted as lead legal advisors to both Iveco and Exor in the public offer. Freshfields acted as lead legal advisor to Iveco on the sale of the defence business.

The transaction brings together two businesses with highly complementary product portfolios and capabilities, creating a stronger and more diversified group with a significant global footprint. More information can be found in the press releases issued by Iveco (available here) and the 102 Notice issued by Tata.