Traton, Navistar Reach Final Agreement on $3.7 Billion Deal, Backed by Icahn
09 Novembre 2020 - 8:10AM
Dow Jones News
By Kim Richters
Volkswagen AG subsidiary Traton SE said Saturday that it had
reached a definite agreement to acquire the outstanding shares in
Navistar International Corp. for around $3.7 billion.
Traton said it would acquire all outstanding common shares in
truck- and bus-maker Navistar that it doesn't already own for
$44.50 a share in cash. It previously held a 16.7% stake in the
Illinois-based company.
The companies in October reached an agreement in principle for
the takeover, after Traton raised its initial offer of $43 a share
to $44.50 per share.
Traton expects the acquisition to be completed in mid-2021,
subject to Navistar shareholder approval and regulatory
approvals.
It said major Navistar shareholders Icahn Capital LP and MHR
Fund Management LLC agreed to vote in favor of the deal.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
November 09, 2020 01:55 ET (06:55 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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