VWAGY - Traton clinches deal to buy remaining Navistar shares for $44.50 each

Volkswagen's (VWAGY) Traton truck unit says it finalized an agreement to pay ~$3.7B for all outstanding shares of Navistar International (NAV).Traton said on Oct. 16 it would raise its offer for Navistar to $44.50/share from $43, which was well above its $35 bid in January before the pandemic hit the U.S. and Europe.Traton, which already holds a 16.7% stake in the U.S. truck manufacturer, says the deal has been approved by its executive and supervisory boards.Major Navistar shareholders including Icahn Capital and MHR Fund Management have agreed to vote in favor of the deal."The truck cycle has likely bottomed, and negotiations with Traton could be fruitful for Navistar," Stephen Simpson wrote in an analysis published in September on Seeking Alpha.

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Traton clinches deal to buy remaining Navistar shares for $44.50 each