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FRANKFURT (Reuters) – Volkswagen’s truck subsidiary, Traton, on Thursday raised its takeover bid for its U. S. counterpart Navistar by more than a fifth to $43 in relation to the stock.
The German automaker made a $35 offer consistent with a steady percentage in January in an attempt to increase its stake in Navistar beyond the 16. 6% it bought in 2016, but failed to secure a majority stake. at least $45 consistent with consistent percentage.
Volkswagen said the new Traton will offer valued shares of Navistar, which already owns about $3. 6 billion.
“Traton is interested in acting temporarily at NAV (Navistar) while recovering the NAFTA truck market,” Jefferies said on a note Thursday, referring to American markets.
Navistar said he’d make the revised offer.
“The Navistar Board of Directors and the control team are committed to exploring all avenues to maximize value. Consistent with its fiduciary obligations, the Board will thoroughly review Traton’s revised proposal,” Navistar said.
Like the automotive industry, the trucking industry strives to regroup and price upcoming low-emission technologies. Traton and Navistar collaborated on the acquisition and technology of electric vehicles.
But Traton struggled to convince Navistar’s largest shareholder, financier Carl Icahn, whose fund controls 16. 9% of Navistar’s shares. Icahn and two other activist funds, MHR Fund Management by Mark Rachesky and Gabelli Funds, together own 40% of Navistar’s shares, according to Refinitiv. Data.
Volkswagen said Thursday that it would provide a budget to fund Traton’s superior offer in order to allow Traton to be the sole owner of Navistar.
(Reporting through Edward Taylor, edited through Madeline Chambers and Mark Potter)