Shares of truck maker Navistar International Corp. (NAV) are climbing almost 16 percent or $5.90 in Thursday's morning trade at $41.74, after touching a new 52-week high of $43.08.
Traton SE, a subsidiary of Volkswagen Group (VKW.L, VLKAF.PK, VOW.BE), said Thursday that it has increased its offer for the acquisition of all shares in Navistar not already held by the company to $43 per share, and $3.6 billion in total. Previously, the offer was for $35 per Navistar share.
Traton already holds a 16.8 percent stake in Navistar. Volkswagen has confirmed its general intention to provide funds for the financing of an increased offer. If the proposal is accepted, Traton will become the sole owner of Navistar.
Navistar has traded in a range of $15.01 to $43.08 in the past 52 weeks.
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