We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Navistar International Corp | NYSE:NAV | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 44.50 | 0 | 01:00:00 |
By Kimberly Chin
The truck unit of Volkswagen AG has offered to fully take over Navistar International Corp. in an all-stock transaction valued at roughly $3.5 billion. A deal would combine two of the world's largest truck makers.
Traton SE, which was formed out of Volkswagen's Truck and Bus Group, owns a 16.76% stake in Navistar.
Germany-based Traton has made an unsolicited bid to acquire the remaining Navistar stake for $35 a share, representing a 45% premium on the company's closing price of $24.07 a share on Thursday. Shares in Navistar rose 51% in after-hours trading.
Navistar said Thursday that it would carefully review and evaluate the proposal.
Volkswagen offered as much as 11.5% of Traton last June in an initial public offering of stock.
Navistar's international brand is well-known throughout the North American trucking industry. As one of the largest U.S. truck makers, the company has an extensive network of dealers and service shops, serving as an important asset for Volkswagen.
Navistar is the successor company to International Harvester, whose roots go back to Cyrus McCormick's invention of the mechanical reaper for farm crops in 1831. International Harvester was dismantled during the 1980s, leaving Navistar as a company focused on trucks, engines and school buses.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
January 30, 2020 19:11 ET (00:11 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
1 Year Navistar Chart |
1 Month Navistar Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions