Navistar Rejects Traton's Buyout Offer, Calls It Starting Point
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Highlights
Navistar International Corp on Monday rejected Volkswagen truck unit Traton's buyout offer of $43 per share, but said it was a starting point for exploring a possible transaction. The German automaker has raised its $35 per share January offer as it looks to increase its 16.6% stake in the U.S. truck maker Navistar acquired in 2016.
Also Read: Volkswagen's CEO Herbert Diess Drives The Tesla Model Y
Traton and Navistar have been collaborating on purchasing and developing electric vehicle technology.
Analysts at Jefferies have said Navistar is worth at least $45 a share. The company said Traton's proposal significantly undervalues it.
The truck sector faces pressure to consolidate and share the costs of developing low-emission technologies. Traton and Navistar have been collaborating on purchasing and developing electric vehicle technology.
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