FRANKFURT: Volkswagen's trucks arm Traton on Thursday increased its takeover offer for U.S. peer Navistar to US$43.00 per Navistar share, up from US$35 per share.
Volkswagen made an initial takeover offer in January in a bid to raise its stake beyond an initial 16.6per cent stake it acquired in 2016. Traton and Navistar have been collaborating on purchasing and electric vehicle technology.But Traton struggled to win over Navistar's largest shareholder, financier Carl Icahn, whose fund controls 16.9per cent of Navistar's shares.
Volkswagen on Thursday said it will provide funds for the financing of Traton's increased offer with the aim of Traton becoming the sole owner of Navistar.
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