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

Tata Motors is set to acquire Iveco Group for €3.8 billion, enhancing its position in the global commercial vehicle sector.

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.