By Giulia Petroni

 

Traton SE said Thursday that it increased its offer for the acquisition of all outstanding shares of truck manufacturer Navistar International Corp. to $43 a share in cash from $35 a share.

Volkswagen AG-subsidiary Traton already holds 16.8% of Illinois-based Navistar. The new deal would be worth $3.6 billion, compared with the original offer of $2.9 billion.

Traton added Volkswagen has confirmed its general intention to provide funds to finance an increased offer. The proposal is subject to a satisfactory due-diligence process and approval of the merger agreement.

Navistar shares closed at $35.84 on Wednesday.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

September 10, 2020 10:01 ET (14:01 GMT)

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