Volkswagen Subsidiary Offers $35 a Share For Navistar International

Navistar evaluating takeover bid from commercial vehicle maker Traton SE.
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A subsidiary of Volkswagen has offered $35 a share for Navistar International Corp.  (NAV) - Get Report, the U.S. truck maker said Thursday. 

The company said in a statement that it had received an unsolicited bid from Traton SE to acquire it for $35 a share in cash.

Navistar said its board is reviewing the proposal.

Shares of Navistar rose sharply in after hours action, gaining 51% to $36.35.

Traton produces trucks and other commercial vehicles under a variety of names including Scania.