Navistar, Traton deal given final approval from regulators
Navistar on Wednesday said it has received all regulatory approvals needed to proceed with a previously announced merger with Dusk Inc., a wholly owned indirect subsidiary of Traton SE. The merger is expect to close on July 1, subject to the satisfaction of customary closing conditions.
Navistar, the manufacturer of International Trucks, and Traton, Volkswagen's commercial truck arm, in November entered into a merger agreement in which Traton would acquire all of the outstanding common shares of Navistar for $44.50 per share in cash. Traton previously held 16.7% of Navistar, which it acquired via a procurement joint venture and strategic technology and supply collaboration in 2016. Navistar stockholders approved the buyout deal at its annual meeting in March.