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Navistar International Corp. (NYSE: NAV) will open its books to TRATON, which is $3. 6 billion to take over the truck manufacturer.
In a statement released Monday, Navistar’s board of directors said it “unanimously concluded that while the revised $43 TRATON proposal consistent with a consistent percentage particularly underestimates” the manufacturer of medium and heavy school trucks and buses, it is a starting point for further exploring the option of a transaction. “
In words, Navistar will continue to talk to TRATON.
Years of speculation
THE acquisition of Navistar by TRATON has been a hypothesis issue for years: Volkswagen AG bought 16. 6% of Navistar in 2016, and TRATON filed $3. 9 billion on January 30 for 83% of Navistar that it does not yet own. Doesn’t the proposal say anything else yet?
Volkswagen said last Thursday that it would cover the $700 million accumulated in the TRATON offer, and said it was in a position to go higher.
“TRATON has developed a strong strategic relationship with [Navistar] in recent years,” Navistar said. “The Board believes that the most productive way for TRATON to appreciate the actual price of a forward-looking mix is to enable it to perform due diligence and interact in additional synergies discussions.
TRATON’s strategic interest in Navistar is the North American market. Volkswagen’s competitors, Daimler Trucks and Volvo Group, are well established. Navistar opened the door in October 2019, noting that Navistar distributors would sell mining devices with the TRATON Scania logo in Canada.
Navistar and TRATON paintings in combination with powertrains and shopping, and TRATON has had a significant influence on Navistar’s new meetinghouse, which is scheduled to open in San Antonio in the spring of 2022.
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