Exor ( OTCPK:EXXRF ), the investment company controlled by Italy’s Agnelli family and Iveco’s largest shareholder, has agreed to sell its 27% holding to Tata. Tata plans to make a public offer for the remaining shares, paving the way for Iveco to be delisted from the Milan exchange.

Shares in Iveco dropped as much as 6% on the Milan bourse in early market trade after the Italian truck maker sold its defence business to Leonardo and the rest of the company to India's Tata Motors .