The truck manufacturer TRATON wants to put an end to the hangover over the takeover of the US company Navistar.
As the VolkswagenSubsidiary, the offer for the outstanding shares will expire if it is not accepted by Friday, October 16 at 6:00 p.m. CEST.
Navistar also recently had a takeover bid of $ 43 from $ 35 per share TRATON rejected. The US manufacturer stated that the “considerable synergies” achieved from the merger were not sufficiently taken into account. However, Navistar described the offer as a “starting point” for further examination of a possible merger and allowed TRATON to inspect the books.
TRATON SE, to which the brands Scania and MAN owns, currently holds 16.8 percent of Navistar A takeover of the US group has long been on the agenda of Volkswagen and TRATON. In contrast to the world market leader Daimler and about Volvo TRATON is practically not present in the USA, the most important truck market. It would be the first major takeover of TRATON since the IPO last year.
TRATON deadline for Navistar is of no use to either paper
After TRATON had set a deadline for the takeover of Navistar, the shares of the Volkswagen subsidiary did better than the overall market on Thursday, but they still lost. In the afternoon the minus was in the small cap index SDAX listed shares to 0.7 percent, while the Navistar shares in the pre-market US trade fell another two percent.
The Navistar stocks had already slumped by a good 19 percent the day before, after TRATON announced that the previous takeover offer would expire on October 16 at 6:00 p.m. (CEST). TRATON had increased it from 35 to 43 dollars per share just over a month ago.
Market participants no longer expected the takeover to take place, commented the authors of the daily Bernecker stock market letter with reference to the Navistar price loss.
If the takeover fails, Volkswagen and its truck and bus subsidiary will remain outside the important US market for the time being. (Dow Jones / dpa-AFX)