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Investing.com-- Tata Motors Ltd (NSE:TAMO) is set to acquire Italian truck maker Iveco (BIT:IVG) for $4.5 billion from its principal shareholder, the Agnelli family, marking its largest automotive deal ever, the Economic Times reported on Wednesday, citing people familiar with the matter.
The boards of Tata Motors (NYSE:TTM) and Iveco are expected to meet on Wednesday to approve the deal, the report said.
Iveco said it is in "advanced" talks with multiple parties regarding separate deals for its defence and commercial vehicle businesses.
Tata is reportedly planning to buy a 27.1% stake from Agnelli’s investment firm Exor (AS:EXOR) and launch a tender offer for the remaining shares, excluding Iveco’s defence unit, the ET reported.
The deal will be routed through a Dutch entity owned by Tata, it added.
This would be Tata’s second-biggest group acquisition after Corus and its most significant in autos since the $2.3 billion Jaguar Land Rover buyout in 2008.
Morgan Stanley (NYSE:MS) and Goldman Sachs are advising the parties, ET said.