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...Volkswagen the parent company of the Volkswagen Group. It develops vehicles and components for the Group's brands, and produces and sells vehicles such as passenger cars and light commercial vehicles for the Volkswagen Passenger Cars and Volkswagen Commercial Vehicles brands. In the electricity sector, Co. performs electricity generation, sales and distribution together with a Group subsidiary. Western Europe, China, Brazil, the U.S., Russia, Mexico and Argentina are the key markets of the Group. The automotive division comprises the passenger cars, commercial vehicles, and power engineering segments, while the financial services division corresponds to the financial services segment.
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