Tata Motors: Pay Fair Value | Petrus Publishes Its View on the Offer for Iveco
ST. HELIER, Jersey and LONDON, Sept. 29, 2026
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Petrus Legal Strategies (Jersey) Limited, Petrus Advisers Limited and funds advised by Petrus Advisers Limited (together, "Petrus"), which together hold approximately 3.8% of Iveco Group N.V. ("Iveco") common shares, today published a communication setting out its views of Tata Motors's proposed all-cash voluntary tender offer for Iveco at €14.10 per share.

We have today published our view of the €14.10 offer: it sets out why that offer does not represent fair value for Iveco's shareholders.

First, the offer significantly undervalues Iveco relative to its peers. Second, Iveco's shareholders do not receive an appropriate share of the synergy value this transaction creates: value Tata Motors has itself described to its own investors as substantial. Third, shareholders should be compensated for the 15-month period between the announcement of the transaction and its expected closing.

Our ask is a simple one: fair value for all of Iveco's shareholders.

Petrus Advisers is an FCA regulated alternative investment management firm. Headquartered in London, it was founded in 2009. Petrus has a successful track record investing in European equities based on its proprietary analysis and entrepreneurial investment approach. Petrus takes a constructive approach actively working together with the management teams and boards of companies where we have a significant stake. Petrus Legal Strategies uses its market leading expertise in litigation and arbitration to deploy capital into complex legal situations.

Media contact: ir@petrusadvisers.com