Tata Motors and Iveco Begin Combined Operations

Tata Motors and Iveco Group began operating as a combined commercial-vehicle business on November 3, bringing their portfolios, manufacturing operations and technology capabilities together across more than 130 countries. The companies said the enterprise has annual sales of about 590,000 vehicles and revenue of approximately €21 billion. It ranks fourth globally by commercial-vehicle sales in the over-six-tonne segment, according to the companies. They reported a network of 27 manufacturing sites, 25 research and development centres and about 9,300 sales and service locations, with more than 73,000 employees. The start of operations was announced at a press event in Turin, Italy. Tata Sons Chairman N. Chandrasekaran said the businesses would invest for the long term and expected vehicle volumes, revenue and margins to increase over the next five years. Those goals are company ambitions, not reported results. Tata Motors had acquired 89.42% of Iveco’s common share capital after the initial settlement of its offer. The tender offer for remaining shares is scheduled to remain open through November 6, with settlement for shares tendered during that period scheduled for November...