Navistar International Corp.’s stockholders approved the truck maker’s acquisition by Germany-based truck and bus maker Traton.
Two global commercial vehicle makers, Germany’s Traton SE and Japan’s Hino Motors Ltd., have signed a joint venture agreement to develop electric commercial vehicles, both battery-electric and fuel-cell versions.
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 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.
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.”
Volkswagen has announced plans to postpone an initial public offering of the company’s trucking group Traton, formerly Volkswagen Truck & Bus, due to uncertain market conditions.
Volkswagen Truck & Bus has announced a new name, Traton Group, as it increases its independence and readies itself to raise funds for global expansion in commercial vehicles. Meanwhile, parent company Volkswagen AG is talking with Ford about possibly developing a line of commercial vehicles.