Navistar and Traton have agreed in principle to a deal for the acquisition of Navistar International Corp. by Volkswagen’s truck and bus unit for $3.69 billion.
Traton warned that its Sept. 10 buyout offer for Navistar, its “best and final offer,” expires at the end of the week.
Traton on Sept. 10 upped the ante in its offer to buy all outstanding shares of common stock of Navistar International Corp.
In a long-speculated move, Volkswagen's global truck and bus subsidiary, Traton, has made an unsolicited bid to acquire the rest of Navistar for $35 a share.
Commercial vehicle manufacturers Traton Group and Hino Motors have established a procurement joint venture to maximize the global procurement synergies between the two companies.
At an Innovation Day event in Sweden, Traton Group outlined the company's plans to share technology between its divisions and invest in electromobility.
The initial public offering of Traton SE, formerly known as Volkswagen Truck & Bus, did not go off with a bang. The Germany-based global truck builder slipped below its opening share price soon after being listed on the Frankfurt exchange.
Navistar announced a $125 million investment in its Huntsville, Alabama, engine plant as part of a plan to begin producing next-generation big-bore diesel engines developed with its European partner, Traton, in the future.
Volkswagen's new global truck and bus business unit Traton and Navistar both announced major business initiatives with long-term implications. Are these moves setting the stage for something even bigger coming down the pike?
Volkswagen AG announced on May 13 that it is resuming preparations for an initial public offering of Traton SE, with progress to be made “depending on further developments on capital markets.”