Delay is Unacceptable | Petrus Recommends Shareholders Not to Tender at €14.10 per Share

ST. HELIER, Jersey and LONDON, July 30, 2026 /PRNewswire/ -- Petrus Legal Strategies (Jersey) Limited, Petrus Advisers Limited and funds advised by Petrus Advisers Limited (together, "Petrus"), which together hold between 3% and 5% of Iveco Group N.V. ("Iveco") common shares, today issued the following statement regarding Tata Motors's proposed all-cash voluntary tender offer for Iveco at €14.10 per share:

"One year ago today, Iveco shareholders were told that Tata Motors would acquire the Company at €14.10 per share, with completion in the first half of 2026. The timetable has since been reset repeatedly; this morning it moved again, to early November 2026.

Shareholders have borne the entire cost of that delay. The price has not increased by a single cent, which is unacceptable to shareholders. In the meantime, the value of Iveco's listed peers has increased significantly, and an investment in STOXX Europe 600 has yielded over 20% since July 2025.

€14.10 did not reflect fair value when the deal was agreed in July 2025, and more than a year of delay has widened this gap. Petrus recommends that fellow shareholders do not tender their shares into the transaction. We remain ready to engage constructively with Iveco and Tata Motors on terms that are fair to all shareholders."

About Petrus Advisers and Petrus Legal Strategies

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 is a strategy within Petrus focused on investments with legal complexity.

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