During a press conference on company development in Munich, the Volkswagen AG’s commercial vehicle unit said it may raise its already 16.9 percent stake in Navistar International Corp.
A move to acquire more than 17 percent of the company would lead to a required offer on the rest of the shares under U.S. securities law, Chief Financial Officer Matthias Gruendler said at the conference.*
Gruendler said the potential price would be between 3 and 4 billion dollars, but declined to comment on a possible time frame.
[*Editor's note: On April 18, two days after the Volkswagen press conference, Volkswagen Truck & Bus filed a general statement of acquisition with the U.S. Securities and Exchange Commission to say it is not officially "reporting any changes to its plans or proposals" with Navistar as new sources has reported.
Additionally, Volkswagen corrected a statement from CFO Gruendler. A move by Volkswagen to acquire more than 17 percent of Navistar would not legally require a bid on the remainder of the company. "...neither U.S. securities law nor Delaware law includes such a requirement," the file reads.]
