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 .

Tata Motors and Iveco Group have announced a definitive agreement that will see the Indian automotive giant acquire the European commercial vehicle