By Mauro Orru

 

Traton SE said Friday that it has reached an agreement in principle to buy Navistar International Corp.

The Volkswagen AG subsidiary, which has a stake of 16.8% in the Illinois-based, maker of trucks and buses, said it would buy all shares in Navistar not already held at $44.50 per share.

"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," said Traton Chief Executive Matthias Gruendler.

Navistar International Corp. said earlier on Friday that it was willing to be bought by Traton at a higher price than $43 a share as previously proposed.

 

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

 

(END) Dow Jones Newswires

October 16, 2020 13:16 ET (17:16 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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