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Navistar International Corp. announced it received all regulatory approvals necessary to proceed with the previously announced merger with Dusk Inc., a wholly owned indirect subsidiary of Traton SE. The deal is expected to close today.
Germany-based Traton is Volkswagen AG’s heavy-truck business.
VW purchased its stake in Navistar in 2017, eventually gaining control of 17% of Navistar and laying the groundwork for establishing a footprint in North America, the truck industry’s largest source of profits. In January 2020, VW made its bid for the rest of the company.
The merger with Navistar set to take place on July 1, 2021, will mean the main aspects of the Global Champion Strategy adopted in 2015 have been implemented. https://t.co/EZ0lBARgKD— TRATON GROUP (@TRATON_GROUP) June 30, 2021
In the bid, Traton agreed to acquire all of the outstanding common shares of Navistar it did not already own for a price of $44.50 per share. Navistar stockholders approved the move at Navistar’s annual meeting March 2.
Lisle, Ill.-based Navistar’s release noted: “Once the merger with Traton is complete, Navistar will be part of the Traton family and thus support Traton in its aim to become a global champion of the transportation industry.” — Transport Topics
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