This Italian automobile company will buy Tata Motors, know how much money will be done for the deal
Country The leading automobile company Tata Motors on Wednesday announced the purchase of Italian commercial company Eveco Group NV for around 3.8 billion euros (about Rs 38,240 crore). The company said in the information to the stock market that the Executive Committee of its Board of Directors has approved the acquisition of 100 percent general share capital of EVCO Group. This acquisition will be done through the Italian company’s defense business and through full cash payment. This purchase will be subject to all regulatory and legal approvals.
The company will bring voluntary tender offer for the acquisition of shares
Under this acquisition, Tata Motors will bring voluntary tender offer for the acquisition of 27,12,15,400 general shares. It proposes 14.1 euro cash payment per share. These offers will depend on the acceptance of at least 80 percent shares. Tata Motors Chairman N. Chandrasekaran described the acquisition as a ‘natural next step’ after the separation of the Tata Motors commercial vehicle business. He said, “With this acquisition, the entire group will be able to compete globally by making India and Europe a strategic domestic market.” Evico Group chairperson Suzanne Hewood described it as a strategic mail of two companies with a shared attitude of sustainable dynamics.
Tata Motors shares saw a huge decline on Wednesday
On Wednesday, Tata Motors shares recorded a steep decline. The company’s shares on BSE today closed at a price of Rs 668.40 with a major loss of Rs 24.00 (3.47 percent). Today, during the trading, Tata Motors shares reached Intrade High of Rs 691.95 to Intrade Low of Rs 665.45. Let us tell you that Tata Motors shares are trading below their 52 weeks high. The company’s shares have 52 weeks high 1179.05 rupees, while its 52 week is 542.55 rupees. According to the BSE, the current market cap of this automobile company of Tata Group is Rs 2,46,085.52 crore.
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