Volkswagen’s commercial truck unit, Traton, and Navistar, the maker of International-brand trucks, on Saturday entered into a definitive merger agreement under which Traton will become the owner of all of outstanding common shares of Navistar that it does not already own – a deal totaling $3.7 billion.
Traton previously held 16.7% of Navistar, which it acquired via a procurement joint venture and strategic technology and supply collaboration in 2016, and agreed in principle on the terms of a $44.50 per-share buyout last month.
