Volkswagen’s commercial vehicle subsidiary, Traton, plans to incorporate the rest of the US truck manufacturer Navistar. VW and Traton announced late Thursday evening in Munich that the American board of directors had made a proposal to buy the shares not yet held by Traton for $ 35 per share.
All in all, Traton would have to put $ 2.9 billion on the table. VW already holds 16.8 percent of the truck manufacturer.
In particular, the proposal is subject to the reservation that Traton and Navistar agree to conclude a merger agreement, that a satisfactory audit will be performed, and that the boards of both companies, Navistar’s board of directors and shareholders’ meeting will agree to the agreement.
Navistar confirmed receipt of the offer. The board of directors, together with its financial and legal advisors, would carefully examine the proposal against the background of its own strategic ideas, it said in a communication distributed in Lisle a little later. Navistar advised its shareholders not to do anything at first.
There is no certainty that negotiations on the proposal are taking place, it said. Even in the case of corresponding discussions, there is no certainty about an agreement. Navistar only wanted to make further statements if this was appropriate or a formal agreement had been reached.
Investors were euphoric. Navistar stock has recently risen by almost 50 percent to $ 36.02 in after-hours trading in the United States. Obviously, the market is expecting a rejection of the offer and an increase in the price – or a counter offer. (Apa / red)
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