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Navistar demands Traton hike takeover to $44.50 per share

Credit: REUTERS/FABIAN BIMMER

Volkswagen's efforts to buy Navistar International Corp looked to have reached an impasse on Friday after the U.S. company said it wanted the Germans to raise their takeover to $44.50 per share.

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Oct 16 (Reuters) - Volkswagen's VOWG_p.DE efforts to buy Navistar International Corp NAV.N looked to have reached an impasse on Friday after the U.S. company said it wanted the Germans to raise their takeover to $44.50 per share.

Traton 8TRA.DE, Volkswagen's truck unit, had previously declared its $43 per share offer for Navistar to be final. Traton had no immediate comment about Navistar's latest demand.

Navistar's statement came after Volkswagen has struggled to reach agreement with key shareholders over the value of the offer.

Last month, Traton raised its initial $35 per share bid by $8 per share, seeking to raise its stake beyond the 16.6% it already owns, but Navistar said it significantly undervalued the company.

Traton had said on Wednesday its bid would expire on Friday if not accepted by then.

(Reporting by Uday Sampath in Bengaluru and Joern Poltz in Munich; Editing by Shounak Dasgupta and Keith Weir)

((UdaySampath.Kumar@thomsonreuters.com; within U.S.+1 646 223 8780; Twitter: https://twitter.com/sampath_uday))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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