Volkswagen offers $2.9 Billion to the American Navistar
Volkswagen offers $2,9 B to the American truck giant
German automotive giant Volkswagen has set its sights on American truck giant Navistar International. According to Bloomberg, Traton, the US company of Volkswagen, has a 17 percent share in Navistar and the German manufacturer Volkswagen offers $ 2.9 billion bid for more …
Shares of the Navistar firm rose to $ 36.35 with a rise of 51 percent during the week. Navistar International company stands out as a company that produces legendary American trucks. Navistar also produces yellow school bus models used in America. The company, which also contributes to the defense industry of the country, also provides engine production for its vehicles.
The Volkswagen brand is struggling to get good positions in the truck market in North and South America, but its biggest rivals are Daimler and Volvo, as well as across EU borders. While Daimler continues to partner with the Freightliner brand in the U.S. truck market, Volvo has great power in the region with Mack. Andreas Renschler, CEO of Traton, Volkswagen’s heavy commercial vehicle company in the US, stated that he wanted to increase the brand’s share in Navistar in the past.
Navistar, Cummins Inc. and Meritor Inc. that is, these three companies that supply parts to each other announced that they will lay off thousands of people last year. The investment that Volkswagen plans to make will bring them to a good position in the truck market in America.
Currently, the Volkswagen brand owns 17 percent of Navistar. No explanation has been made about what percentage of the firm they aim to have with the $ 2.9 billion bid.
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