Volkswagen Acquiring Stake in Navistar; Fair Value Unchanged at EUR 190
No-moat rated Volkswagen AG announced that Volkswagen Truck & Bus is paying Navistar roughly EUR 229 million to acquire a 16.6% stake (proforma for the share issuance). The company will also have representation on the Navistar Board of Directors. We think that the deal makes sense strategically as Volkswagen has VW Truck & Bus, MAN and Scania in Europe but no commercial truck presence in the North American market. Cost reduction from economies-of-scale also being an aim, Volkswagen and N...PACCAR is a multinational company operating in three principal industry segments: the Truck segment includes the design, manufacture and distribution of light-, medium- and heavy-duty commercial trucks, which are configured with engine in front of cab or cab-over-engine; the Parts segment includes the distribution of aftermarket parts for trucks and related commercial vehicles; and the Financial Services segment includes finance and leasing products and services provided to customers and dealers. The company's other business includes the manufacturing of industrial winches in two United States plants and marketing them under the Braden, Carco and Gearmatic nameplates.
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