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(Reuters) – Navistar International Corp on Monday turned down an offer to buy the Volkswagen Traton van unit for $43 according to stock, but said it was a starting point for exploring a transaction imaginable.
The German automaker has increased its January offer by $35 according to the steady percentage as it seeks to increase its 16. 6% stake in US truck manufacturer Navistar, which it acquired in 2016. .
The company stated that Traton’s proposal underestimated it.
The trucking industry strives to consolidate and price upcoming low-emission technologies. Traton and Navistar collaborated on the acquisition and progression of electric vehicle technology.
(Reports via Rachit Vats in Bengaluru; edited through Vinay Dwivedi)