Navistar International Shares Higher After Traton Deal News
17 October 2020 - 5:39AM
Dow Jones News
By Stephen Nakrosis
Navistar International Corp. shares were higher Friday after the
company said its board was prepared to move forward with a deal
that would see the company acquired by Traton SE.
At 1:39 p.m. EDT, Navistar shares had gained 23% to $43.53.
Volume at the time topped 13.6 million shares, above the stock's
65-day average volume of about 1.1 million shares.
Year to date, Navistar's stock is up more than 50%.
In a letter to Traton, Navistar asked the Volkswagen AG
subsidiary to confirm that a price of $44.50 a share is a basis for
finalization of definitive agreements, adding an offer at that
price has the support of Navistar's two largest shareholders.
Later Friday, Traton said it reached an agreement in principle
to purchase the maker of trucks, buses and other vehicles.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
October 16, 2020 14:24 ET (18:24 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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