Posted on Oct 18, 2020 at 4:15 p.m.Updated Oct 18, 2020 4:50 PM
When it cuts 9,500 jobs in its MAN subsidiary, or a quarter of the total workforce, as part of a global reorganization plan, the German Volkswagen goes on the offensive in heavy goods vehicles in North America. Its division specializing in trucks, Traton, which includes the MAN and Scania brands, announced on Friday that it had reached an agreement in principle on the acquisition of the entire American heavy truck manufacturer Navistar International for 3.7 billion. of dollars.
An agreement signed after an ultimatum posed by Traton, and which thus ended several months of discussions, spread out throughout 2020. Last month, the German group had chosen to improve its initial offer on the latter, which it controlled until now 17%, before improving it a second time just recently to $ 44.50 per share. Traton and Navistar, which have nearly 80,000 and 15,000 employees respectively, have been cooperating since 2017 in technology and purchasing.