Deals
VW Plots U.S. Push With Traton’s $2.9 Billion Navistar Bid
- Icahn-backed manufacturer is in the midst of a fix-it job
- Offer comes as Volkswagen agrees to sell industrial unit Renk
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Volkswagen AG offered to buy the rest of Navistar International Corp. in a $2.9 billion bid to secure a bridgehead in the U.S. heavy-truck market and step up its challenge to Daimler AG and Volvo AB.
The expansion was somewhat offset by Volkswagen’s first major divestment since the German automaker skidded into the diesel-emissions scandal in 2015. An agreement to sell industrial machinery unit Renk AG, valued at 760 million euros ($840 million), indicates VW is more inclined to bulk up than slim down, even amid the costly shift to electric cars.