Shareholders of the US-based truck manufacturer, Navistar International Corporation, have approved the purchase price and offer made by Traton SE to acquire all the remaining common shares of Navistar at a price of USD44.50 per share in cash.

TRATON SE, (the medium and heavy commercial vehicle majority-owned subsidiary of Volkswagen AG producing vehicles and other mobility products under the Scania, MAN, VW and RIO brands) has announced it has agreed terms with the major shareholders in US truck and bus builder, Navistar International Corporation.

Matthias Gründler, who was until 2018 CFO of Traton SE, the holding company of the CV brands of MAN, Scania and Volkswagen Caminhões e Ônibus on July 16, 2020 took over the role of chair and CEO of the Board of Management at Traton, from Andreas Renschler.

“Provided there is no surge in the number of new {coronavirus} infections and the associated countermeasures adopted by the countries; we are assuming a gradual recovery in our business activity in the second half of 2020.

Traton SE has offered to acquire all of the outstanding shares of common stock in Navistar International Corporation not already owned by Traton at a price of USD35 per share in cash; this represents a 45% premium over Navistar’s closing share price of USD24.11 on January 29, 2020 and a 19% premium over Navistar’s 90-day volume weighted average price of USD29.40.

Traton SE and RISE, have announced they are collaborating  on cybersecurity and artificial intelligence (AI).

The Traton SE, which includes the Industrial Business segment and the Financial Services segment, reported group revenues in the first half of 2019 had increased 7% to EUR13.5bn, up from EUR12.6bn in the previous first-half year, and that group operating profit had increased by EUR212bn, or the equivalent of 25% to EUR1.075bn.