Volkswagen’s unexpected, $256 million investment in Navistar International Corp. has sent shares of the struggling U.S. truck maker surging – especially after VW’s truck chief suggested a full takeover could be in the works.
Under the new agreement, Volkswagen Truck & Bus will invest $256 million in Navistar, and it will maintain that position for a minimum of three years. At $15.76 a share, that means VW will now hold a 16.6% stake in the Illinois-based company. It also will get two seats on the Navistar board of directors.
But VW Trucks boss Andreas Renschler said the deal may be just a first step. During a call with media and analysts to discuss the Navistar investment, Renschler said that, “On our way to becoming a global champion, all options are open.”