January 30, 2020 / 10:25 PM / 17 days ago

VW truck unit Traton offers to buy Navistar for $2.9 billion

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Jan 30 (Reuters) - Volkswagen AG’s Traton commercial truck unit said on Thursday it has offered $35 a share, or $2.9 billion, for the remaining shares of U.S. truck maker Navistar International that it does not already own.

Traton’s offer sent Navistar shares sharply higher in after-hours trading. Volkswagen has made its interest in buying the remainder of Navistar clear since acquiring its initial 16.8% stake in 2016.

Traton said in a statement the proposal is subject to Navistar and Traton reaching a merger agreement.

Traton is still majority-owned by Volkswagen after an IPO last year.

Navistar shares are down nearly 17% since Jan. 1.

Reporting by Joe White in Detroit Editing by Matthew Lewis

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