MUNICH — TRATON SE and Navistar International Corp. have reached an agreement “in principle” that TRATON will acquire by merger all shares in Navistar not already held by TRATON, at a price of $44.50 USD per Navistar share. TRATON already holds 16.8% of Navistar’s stock, and plans to purchase all outstanding shares of common stock not already owned by TRATON at a cost of nearly $3.7 billion USD.
“We are pleased to have reached agreement in principle for a transaction after intensive negotiations with Navistar,” Matthias Gründler, CEO of TRATON. “We are looking forward to completing our due diligence and obtaining the necessary approvals in respect of this exciting deal in order to welcome the new TRATON family member.”
The agreement was conveyed Oct. 16 in a letter from Gründler to Troy Clarke, Navistar’s executive chairman and remains subject to finalization of due diligence to the satisfaction of TRATON, agreeing on the conclusion of a merger agreement and related transaction documents, and the approval of the transaction by the executive bodies and committees of TRATON and Volkswagen, as well as Navistar’s board of directors and shareholder meeting.