Description of Activities

Description of transaction: The Commission resolved to approve without conditions the acquisition of issued share capital in Iveco by TMLCVH through Titan Bidco. 

Acquiring group: The primary acquiring undertaking is Tata Motors Limited Commercial Vehicles Holdings Pty Ltd (“TMLCVH”), a private limited company duly incorporated in accordance with the laws of Singapore. TMLCVH is a holding company for Tata Motors Limited’s (TML) overseas commercial vehicles business outside India. TML’s business activities include the supply of Tata commercial and passenger vehicles and Jaguar Land Rover (Range Rover, Jaguar, Discovery, and Defender brands) passenger vehicles. The Acquiring Group has no business activities in Namibia.

Target undertaking: The primary target undertaking is Iveco Group NV (“Iveco”), a publicly traded company duly incorporated in accordance with the laws of the Netherlands. In Namibia, Iveco is only active in the supply of Iveco-branded commercial vehicles (minibuses and coaches) and trucks (light, medium, and heavy vehicles for transportation of goods). 

Relevant market: Defined the relevant product market as the supply of commercial trucks and buses in Namibia.

Merger Determination

The Commission found the proposed transaction unlikely to result in the prevention or substantial lessening of competition or result in any undertaking to acquire or strengthen a dominant position in the market and did not raise any public interest concerns.

However, as stated under section 50 of the Act, this approval does not relieve parties from complying with any other mandatory statutory approvals that any of the parties to this merger must comply with under Namibian laws.