German auto giant Volkswagen said Thursday it wants to buy the part of American truck maker Navistar that it does not already own for $2.9 billion.
In 2016, VW bought a 16.8-per cent stake in Navistar, giving it a foothold in the US market, and now its truck division Traton wants to buy the rest.
“If the offer is accepted, Traton will become the sole owner of Navistar”, Volkswagen said in a statement.
Navistar said it will closely study what it called an unsolicited offer.
The initial VW investment more than three years ago amounted to $256 million.
VW’s Truck and Bus division said at the time it would also launch a “strategic technology and supply chain co-operation” and a purchasing joint venture with the US firm.
VW commercial vehicles chief Andreas Renschler hailed the move than as a “major milestone on our way to create a global champion”.