Iveco Group confirms early-November Tata Motors closing as CFO transition begins
Iveco Group reported higher second-quarter revenues despite lower profitability, while confirming that Tata Motors' tender offer is expected to launch in early September and close by early November. The company also announced that CFO Anna Tanganelli will step down once the acquisition is substantially completed.
Iveco Group has confirmed that the proposed acquisition by Tata Motors is entering its final regulatory stage, with the tender offer expected to be launched in early September and the transaction scheduled to close in early November, subject to the last remaining regulatory approval. According to the company, Tata Motors expects to obtain the outstanding clearance by the end of August, paving the way for the public offer.
The update accompanied the publication of Iveco Group’s second-quarter and first-half 2026 financial results, underlining how the company is preparing for what CEO Olof Persson described as the next phase of its development. Persson said the Group’s industrial businesses continued to show resilience despite a more challenging operating environment, adding that the efficiency measures and quality initiatives underway will strengthen Iveco as it moves towards the transformational combination with Tata Motors.
Financially, the second quarter saw consolidated revenues increase by 7.3% year-on-year to €3.76 billion, while Industrial Activities revenues rose 7.9%, mainly thanks to higher volumes in Europe. Profitability, however, declined as planned investments in product quality and rework costs in the Bus business weighed on margins. Despite this, Iveco confirmed its 2026 guidance, expecting profitability and free cash flow generation to improve in the second half of the year.
CFO Anna Tanganelli to leave after the transaction
Alongside the financial update, Iveco Group announced that Chief Financial & IT Officer Anna Tanganelli will leave the company after the substantial completion of Tata Motors’ tender offer. Her departure is scheduled for 2 November 2026, when she will take up a new position at another publicly listed company. The process to appoint her successor is already underway, with further details to be announced once completed.
Tanganelli has played a central role in the Group’s financial management during a period marked by the separation of the defence business, the sale of Iveco Defence Vehicles and the negotiations that led to Tata Motors’ offer. Her departure therefore represents another milestone in the transition towards the new ownership structure, with the finance function set to change hands just as the acquisition is expected to be finalised.
