After indicating this week that it would not improve the offer of $ 43 per share, the German automobile group eventually gave in and will pay $ 44.50 for each title of the American truck and parts manufacturer. Volkswagen holds 16.7% of the capital of the North American company.
Navistar has already indicated that the transaction is supported by Carl Icahn, its largest shareholder with 16.8% of the capital, and the MHR Fund, which holds 16.3%.
Navistar’s shares appreciated close to 23% in today’s session, at $ 43.52.
The German group’s CEO, Herman Diess, pointed out as one of the priorities to increase the value of the truck division of the German automobile giant, which is in the middle of a restructuring process at MAN. Diess said, at the general shareholders’ meeting held in September, that the purchase of Navistar was essential to shorten distances for Daimler and Volvo, world leaders in the truck segment.
The acquisition of Navistar opens the doors of the North American market to Volkswagen, which currently depends only on Europe and Latin America for sales of heavy vehicles.