VWs Traton boosts bid for rest of Navistar to $3.6 Billion

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Thread: VWs Traton boosts bid for rest of Navistar to $3.6 Billion

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    VWs Traton boosts bid for rest of Navistar to $3.6 Billion

    https://www.detroitnews.com/story/bu...on/5769284002/

    Volkswagen AGs heavy-truck business boosted its bid for Navistar International Corp., offering to buy the rest of the U.S. manufacturer for $3.6 billion.

    Traton SE increased its offer to purchase the portion of stock it doesnt already own to $43 a share, up from $35 a share offered in January, according to a statement. Bloomberg News reported last week that the VW division was seeking to restart negotiations this month to win over Navistars management and main shareholders, which include billionaire investor Carl Icahn.

    Navistar shares surged as much as 20% to $43.08 in New York trading. Traton fell 3.8% to 17.92 euros in Frankfurt.

    By acquiring Lisle, Illinois-based Navistar, VW would secure a strong position in the U.S. heavy-truck market and step up its challenge to Daimler AG and Volvo AB. VW said in a separate statement that it will provide funds for the financing of Tratons increased offer.

    A strategic buyout of Navistar remains an eventual outcome with a competing bid unlikely, Christopher Ciolino, an industrials analyst for Bloomberg Intelligence, wrote in a report. VWs minimal presence in the North American truck market and Navistars strong dealer network may justify an even higher offer, he said.

    Bid for Diligence

    Traton already owns almost 17% of Navistar, trailing only Icahn, according to data compiled by Bloomberg. Its third-largest shareholder is Mark Rachesky, the founder and chief investment officer of MHR Fund Management, with a 16.3% stake.

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    Re: VWs Traton boosts bid for rest of Navistar to $3.6 Billion

    By acquiring Lisle, Illinois-based Navistar, VW would secure a strong position in the U.S. heavy-truck market and step up its challenge to Daimler AG and Volvo AB.
    And 1/2 of GM's Medium Duty Trucks

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    Re: VWs Traton boosts bid for rest of Navistar to $3.6 Billion

    Quote Originally Posted by InCogKneeToe View Post
    And 1/2 of GM's Medium Duty Trucks
    does it make ANY difference to GM?? - it is a JV between GM and Navistar and WILL STILL be a JV between GM and NAVISTAR
    I hope VW brings M.A.N / SCANIA tech over to Navistar as Navistar has proven they CAN NOT do it alone

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    Re: VWs Traton boosts bid for rest of Navistar to $3.6 Billion

    Quote Originally Posted by richmond2000 View Post
    does it make ANY difference to GM?? - it is a JV between GM and Navistar and WILL STILL be a JV between GM and NAVISTAR
    I hope VW brings M.A.N / SCANIA tech over to Navistar as Navistar has proven they CAN NOT do it alone
    But what happens when GM's contract with Navistar expires? Does VW then make negotiations for a new contract so onerous that is squeezes out GM, thus hurting GM, a competitor of VW? We know VW is highly predatory....

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