Volkswagen truck unit Traton, US Navistar sign merger deal

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Volkswagen AG's truck unit Traton SE has signed a merger agreement with U.S. truck maker Navistar International Corp , the company said in a statement on Saturday.

First day of trading of German carmaker Volkswagen's truck unit Traton in Frankfurt FILE PHOTO: A flag of Volkswagen's truck unit Traton SE is pictured at Frankfurt Stock Exchange during Traton's initial public offering (IPO) in Frankfurt, Germany, June 28, 2019. REUTERS/Ralph Orlowski08 Nov 2020 02:40AM

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REUTERS: Volkswagen AG's truck unit Traton SE has signed a merger agreement with U.S. truck maker Navistar International Corp , the company said in a statement on Saturday.

Under deal, Traton will acquire all common shares in Navistar that it does not already own at US£44.50 per share, the statement said.

Traton already holds about 16.7per cent stake in Navistar.

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Traton last month sweetened its takeover bid for Navistar from US£43 per share to US£44.50 per share.

(Reporting by Aishwarya Nair in Bengaluru, editing by Clelia Oziel)

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