New Delhi: Shareholders of Italian commercial vehicle maker Iveco Group on Friday approved key resolutions related to Tata Motors' takeover offer, including a reduction in the minimum acceptance threshold from 95 per cent to 80 per cent of its common shares, as the Indian auto major moves ahead with the acquisition process.

At an extraordinary general meeting held in Amsterdam, Iveco shareholders approved all resolutions proposed by its board of directors in connection with the voluntary public tender offer launched by TML CV Holdings Pte Ltd through TML CV Holdings B.V., Iveco Group said in a statement.

Tata Motors had earlier raised its offer price for Iveco by EUR 0.30 per share to EUR 14.40, following an initial offer of EUR 14.10 per share.

In 2025, Tata Motors announced plans to acquire Iveco, excluding its defence business, for around EUR 3.8 billion (nearly Rs 38,240 crore) through TML CV Holdings Pte Ltd. The earlier offer valued the transaction at approximately EUR 3.82 billion.

The acquisition is aimed at expanding Tata Motors' global commercial vehicle presence through Iveco's established operations and product portfolio.

The approvals include amendments to the company's articles of association, the appointment of board members following settlement of the offer, and changes to its special voting shares and loyalty voting structure.

The approval of the so-called back-end resolution will reduce the minimum acceptance level of the offer from 95 per cent to 80 per cent of Iveco's common shares, Iveco said.

Certain other resolutions approved at the meeting are conditions for the offeror's obligation to declare the offer unconditional. These include amendments to the articles of association, conversion of Iveco into a private limited liability company in the event of delisting, appointment of board members and termination of the loyalty voting structure.

The tender offer acceptance period runs from September 7 to October 26, 2026.

The resolutions approved by shareholders also provide for a potential post-offer demerger, a subsequent share sale and, subject to the relevant conditions, the eventual dissolution of Iveco Group. These steps would be implemented only if the applicable conditions are met and in accordance with the terms approved at the meeting.

The shareholders also approved the conversion of Iveco from a public limited liability company into a private limited liability company, which would take effect at a time determined by the offeror after delisting.

The post-offer demerger could be implemented at the offeror's choice, subject to conditions including ownership of at least 80 per cent of the common shares.