(Reuters) – Volkswagen AG’s VOWG_p.DE Truck unit Treton SE has agreed to pay approximately $ 3.7 billion for the outstanding shares of American truck manufacturer Navistar International Corp in a deal announced on Saturday that would expand its reach in North America.
After Trenton said on October 16 that it had agreed to raise its bid for Navissar to $ 44.50 a share after the deal was finalized, up from $ 43, as it closed on an acquisition that was a global one. Producer will create.
The agreement reached with the brands Man, Scania and Volkswagen Trucks coincides with trends in the truck industry, seeking ways to share the costs of developing low-emission technology.
Treton already owns a 16.7% stake in Navistar and at an increased offer price Trenton has paid approximately $ 3.7 billion for shares of Navistar that do not already own, as of approximately US $ 4.4 billion Evaluates American business.
Major shareholders of Navistar, including Icon Capital LP and MHR Fund Management LLC, have agreed to vote in favor of the deal, the US truck manufacturer said in a separate statement bit.ly/3ezUrUS.
The Volkswagen Group will pay a debt of 3.3 billion euros to Treton, which is to repay in 12-18 months to complete the deal.
Reporting of Aishwarya Nair in Bengaluru; Editing by Catherine Evans and David Holmes