MUNICH, Germany — Traton SE, the truck and bus division of Volkswagen AG, has increased its offer for Navistar International shares to US$43 per share in cash.
Traton said Thursday the price represents a 23% increase from the $35 per share the company offered at the end of January.
Navistar has confirmed the unsolicited bid, but has not made any comments on the latest offer.
Traton already holds 16.8% of Navistar.
“We continue to believe in the compelling strategic benefits that a complete merger of Traton and Navistar would produce,” said Traton CEO Matthias Grundler.
“This is why we are re-emphasizing our interest in the transaction in spite of the Covid-19 pandemic.”
Traton expects that the independent members of Navistar’s board of directors will now review the increased offer, the company said.
“The offer remains subject to a satisfactory due-diligence process as well as negotiation and a common understanding as regards the merger agreement,” it added.
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