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VW Offers $2.9bn for Control of US Truckmaker Navistar

Date:2020-02-04 Author:Daisy Source:reuters

Volkswagen AG’s (VOWG_p.DE) Traton (8TRA.DE) commercial truck unit said on Thursday it had offered $35 a share, or $2.9 billion, for the shares of U.S. truck maker Navistar International (NAV.N) that it does not already own, and investors bet the bid will go higher.

Navistar shares shot up by 50% to just over $36 a share in after-hours trading following Traton’s proposal, suggesting investors expect a potential deal could be richer than Traton’s opening offer. Traton said its offer was subject to Navistar and Traton reaching a merger agreement.

Truck makers across the globe are struggling to stem the costs of developing next generation powertrains during an industry downturn, a step which is forcing the truck makers to seek new alliances to share costs. Navistar and VW in 2017 said they would collaborate on electric truck development.

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