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Saturday, April 17, 2021

Traton Finalizes $3.7 Billion Navistar Acquisition Agreement

Volkswagen’s truck unit Traton announced on Sunday afternoon it has formally agreed to pay about $3.7 billion for the shares of United States truck maker Navistar International in an agreement that would extend its reach in North America.

Volkswagen’s truck unit Traton announced on Sunday afternoon it has formally agreed to pay about $3.7 billion for the shares of United States truck maker Navistar International in an agreement that would extend its reach in North America.

The agreement brings Navistar together with the MAN, Scania and Volkswagen trucks brands. The media outlet also pointed out that the deal is in tune with trends in the truck industry which has been seeking ways to share the costs of developing low emissions technology.

Finalization of this agreement comes after Traton said on October 16th it had agreed to raise its bid for Navistar to $44.50 per share, up from $43, as it closed in on an acquisition that would create a global manufacturer.

On Twitter, CNN’s Javier Arduino said that the company already holds a 16.7 percent stake in Navistar and at the increased offer price Traton would be paying about $3.7 billion for the shares in Navistar it doesn’t already own.

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