Volkswagen Increases Stake in Navistar
Volkswagen Truck & Bus, a unit of Volkswagen AG, has purchased nearly 300,000 additional shares of stock in Navistar International Corp., according to filings in mid-July with the Securities and Exchange Commission posted on Navistar’s website.
The transactions — totaling 293,038 shares — occurred from July 17 through July 25, with prices listed in the filings at about $29 per share, Navistar reported.
On March 1, Navistar International Corp. and Volkswagen’s Truck & Bus division completed their alliance, announced last September, with the German automotive company acquiring 16.2 million common shares, or 16.6% of equity, and Navistar getting $256 million.
The value of the latest transactions amounts to about $8.5 million, according to the filings.
Lisle, Ill.-based Navistar International Corp. manufactures and markets medium- and heavy-duty trucks, school buses, midrange and heavy-duty diesel engines, and service parts. The company also provides financial services to its dealers and customers.
“We do expect it to continue,” Navistar spokeswoman Lyndi McMillan told Transport Topics, speaking of VW’s latest stock purchase.
She said the purchase was not above “the allotted amount that cannot be done without [Navistar] board approval. [VW is] just kind of inching their way up.”
Contributing: Associate News Editor Jonathan S. Reiskin
