Volkswagen unit signs merger deal

The merger would combine the MAN, Scania and Volkswagen trucks brands with Navistar to create a global manufacturer, at a time when the industry is seeking ways to share the costs of developing low emissions technology

BENGALURU: Volkswagen AG’s truck unit Traton SE said on Saturday it had signed a merger agreement with US truck maker Navistar International Corp in a deal that would extend its reach into North America.

The deal will see Traton acquire all common shares in Navistar at US$44.50 per share, excluding the 16.7% stake that it already holds, the statement said.