Volkswagen’s trucks division open to purchase most of the stake in Navistar

Volkswagen is open to purchasing a majority stake in U.S. truckmaker Navistar it stated on Monday, as the German automaker plans its trucks business for a possible stock market listing that could help raise funds to broaden.

In 2016, Volkswagen Truck & Bus acquired a 16.9 percent stake in Navistar International and last week joined forces with Toyota’s Hino Motors as it looks to contend more effectively with worldwide truck market leaders Daimler and Volvo.

Volkswagen plans to convert its trucks division, which consist of the Scania and MAN brands and a Brazil-based commercial vehicles business, into a public limited company as a beginning to a possible stock market listing.

“(Taking over Navistar) would make sense at some point,” stated Matthias Gruendler, the finance chief of VW truck and bus.