UPDATE 2-VW's trucks division open to buying majority of Navistar [Reuters (UK)]
Navistar Intl Corp (NAV)
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Source: Reuters
VW's trucks division open to buying majority of Navistar | Reuters 3 Min Read MUNICH (Reuters) - Volkswagen ( VOWG_p.DE ) is open to buying a majority stake in U.S. truckmaker Navistar “at some point,” it said on Monday, as the German automaker prepares its trucks business for a possible stock market listing that could help raise funds to expand. Volkswagen Truck & Bus acquired a 16.9 percent stake in Navistar International Corp ( NAV.N ) in 2016 and last week joined forces with Toyota’s ( 7203.T ) Hino Motors as it strives to compete more effectively with global truck market leaders Daimler ( DAIGn.DE ) and Volvo ( VOLVb.ST ). Volkswagen (VW) plans to convert its trucks division, which includes the Scania and MAN brands and a Brazil-based commercial vehicles business, into a public limited company as a prelude to a potential stock market listing. “(Taking over Navistar) would make sense at some point,” Matthias Gruendler, the finance chief of VW truck and bus, told reporter
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