- Volkswagen's (OTCPK:VWAGY) Traton truck unit says it finalized an agreement to pay ~$3.7B for all outstanding shares of Navistar International (NYSE:NAV).
- Traton said on Oct. 16 it would raise its offer for Navistar to $44.50/share from $43, which was well above its $35 bid in January before the pandemic hit the U.S. and Europe.
- Traton, which already holds a 16.7% stake in the U.S. truck manufacturer, says the deal has been approved by its executive and supervisory boards.
- Major Navistar shareholders including Icahn Capital and MHR Fund Management have agreed to vote in favor of the deal.
- "The truck cycle has likely bottomed, and negotiations with Traton could be fruitful for Navistar," Stephen Simpson wrote in an analysis published in September on Seeking Alpha.