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