Iveco Group NV agreed to break itself up, selling its defense unit to Leonardo SpA and the rest of the Italian truck maker to Tata Motors Ltd in deals totaling about €5.5 billion ($6.3 billion).

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 .

JLR owner Tata Motors will acquire Italian truck manufacturer Iveco Group in a £3.3bn deal. Prior to the agreement, Iveco Group sold its defence division to Italian defence group Leonardo for £1.5bn.