塔塔汽车将对意大利商用车制造商依维柯集团的收购报价从每股14.10欧元上调至14.40欧元，并称这一修订后的价格即为其最终报价。塔塔汽车在周五提交的监管文件中称，此次每股0.30欧元的提价，是由于部分地区的监管审批流程比预期耗时更长，导致收购计划推迟完成。
Tata Motors has raised its takeover offer for Italian commercial vehicle maker Iveco Group to €14.40 per share from €14.10, while declaring the revised price its best and final offer. The increase of €0.30 per share comes as the completion of the acquisition has been delayed because regulatory approvals in some jurisdictions are taking longer than initially expected, Tata Motors said in a regulatory filing on Friday.
塔塔汽车于2025年7月宣布了此次收购计划，旨在将其商用车业务与依维柯的卡车、巴士及动力总成业务整合。两家公司表示，此次合并将打造出一个在全球市场上更具影响力的商用车集团。不过该交易并不涵盖依维柯的国防业务，该业务已于2026年3月出售给意大利国防企业莱昂纳多集团。
Tata Motors announced the proposed acquisition in July 2025, seeking to combine its commercial vehicle business with Iveco’s truck, bus and powertrain operations. The companies said the combination would create a commercial vehicle group with a stronger global presence. The deal excludes Iveco’s defence business, which was sold to Italian defence group Leonardo in March 2026.
此次修订后的报价较2025年7月17日——即有关塔塔汽车拟收购依维柯的传闻首次传出前的最后一个交易日——依维柯的股价溢价33.47%。该报价也较2025年7月29日——即最初收购要约公布前的最后一个交易日——依维柯的股价高出6.77%。塔塔汽车已明确表示不会再提高收购报价。
The revised offer represents a premium of 33.47% over Iveco’s share price on July 17, 2025, the last trading day before reports emerged about a potential acquisition by Tata Motors. It is also 6.77% higher than Iveco’s share price on July 29, 2025, the last trading day before the original offer announcement. Tata Motors has said it will not increase the offer price further.
最初的收购要约定价为每股14.10欧元，预计交易总价值约为38.2亿欧元。此次价格调整是在2026年9月7日正式接受要约期启动后作出的。
The original offer was priced at €14.10 per share and valued the transaction at approximately €3.82 billion. The revised price follows the start of the formal acceptance period on September 7, 2026.
此次收购的总成本究竟是多少呢？如果所有2.712亿股符合要约条件的股票均被接受收购，塔塔汽车需支付的总金额将达到39.1亿欧元，较此前预计的最高支付额38.2亿欧元多出8136万欧元。
How much will the acquisition cost? If all 271.2 million shares covered by the offer are tendered, the total payout will amount to €3.91 billion, up from the earlier maximum of about €3.82 billion. The price increase raises the maximum potential payout by €81.36 million.
此次收购要约由塔塔汽车的全资子公司TML CV Holdings Pte. Ltd.通过其全资持有的荷兰子公司TML CV Holdings B.V.发起。该要约的内容为以现金方式收购交易范围内依维柯的所有普通股。
Tata Motors’ wholly owned subsidiary, TML CV Holdings Pte. Ltd., is making the offer through its wholly owned Dutch subsidiary, TML CV Holdings B.V. The offer is a cash purchase of all of Iveco’s common shares covered by the transaction.
调整后的收购价格已包含根据协议条款应支付的股息。为筹措这笔额外支出，收购方已与三菱日联银行位于GIFT City的分行签署了一份8500万欧元的信贷协议。此外，收购方还提交了相关文件，以申请新的银行担保来覆盖增加的支付义务。
The revised price includes dividends under the offer’s terms. To fund the additional payout, the offeror has entered into an €85 million credit facility agreement with MUFG Bank’s GIFT City branch. It has also submitted documentation for an additional bank guarantee covering the increased payment obligation.
此次价格调整对股东而言意味着什么？调整后的收购价较收购传闻出现前的股价水平有了显著提升。该价格比2025年7月17日前一个月的成交量加权平均股价高出26.87%，较过去12个月的平均股价则高出67.98%。
What does the revised offer mean for shareholders? The revised price offers Iveco shareholders a premium over the stock’s trading prices before takeover speculation emerged. The premium is 26.87% over the volume-weighted average share price for the month before July 17, 2025, and 67.98% over the corresponding 12-month average.
公司表示，已接受原收购要约的股东无需再次提交股份或采取任何其他行动即可获得这一更优价格。此次收购的其他所有条款与条件均保持不变。
Shareholders who have already accepted the original offer do not need to submit their shares again or take any additional action to receive the improved price, the company said. All other terms and conditions of the offer remain unchanged.