Traton, Volkswagen Group’s commercial vehicle arm, has proposed a takeover of American truck manufacturer, Navistar International, in a transaction worth $2.9bn.
Traton currently owns MAN, Scania, Volkswagen’s South American commercial vehicle company, Caminhões e Ônibus, and Rio Logistics, already has an existing 16.76% stake in Navistar.
If the bid goes ahead Traton will acquire Navistar’s remaining stakes for $35 a share, which would value Navistar at $3.5bn.
One industry expert said: “Traton already has a strong foothold in Europe, Asia and most of South American, but I believe it’s now looking to introduce MAN and Scania to the North American market, hence the move for Navistar.” A Scania XT featured on the Navistar stand at the 2019 Atlanta truck show.
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