MUNICH - 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 auto
MUNICH – 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 reporters on Monday.