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Volkswagen's trucks division open to buying majority of Navistar

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04/16/2018 | 04:05pm CEST
FILE PHOTO: Car manufacturers display their wares on the show floor of the North American International Auto Show in Detroit

MUNICH (Reuters) - Volkswagen (>> Volkswagen) is open to buying a majority stake in U.S. truckmaker Navistar "at some point," it said on Monday, as the German automaker prepares its trucks business for a possible stock market listing that could help raise funds to expand.

MUNICH (Reuters) - Volkswagen is open to buying a majority stake in U.S. truckmaker Navistar "at some point," it said on Monday, as the German automaker prepares its trucks business for a possible stock market listing that could help raise funds to expand.

Volkswagen Truck & Bus acquired a 16.9 percent stake in Navistar International Corp in 2016 and last week joined forces with Toyota's (>> Toyota Motor Corp) Hino Motors as it strives to compete more effectively with global truck market leaders Daimler and Volvo.

Volkswagen (VW) plans to convert its trucks division, which includes the Scania and MAN brands and a Brazil-based commercial vehicles business, into a public limited company as a prelude to a potential stock market listing.

"(Taking over Navistar) would make sense at some point," Matthias Gruendler, the finance chief of VW truck and bus, told reporters on Monday.

A takeover would require between 3 and 4 billion in extra costs and could be shouldered without proceeds from a possible initial public offering (IPO), he said, without specifying whether he was talking about euros or dollars.

"The cooperation (with Navistar) is working really well," he added.

U.S. law would require VW to issue a formal takeover bid for Navistar if the German manufacturer raises its stake in the U.S. company above 17 percent, Gruendler said.

VW paid $256 million for its stake in Navistar, bolstering Europe's biggest automaker's access to the lucrative North American truck market.

VW's trucks unit had "significant" synergies from joint procurement with Navistar last year, division CEO Andreas Renschler said.

Foreign expansion, as well as more joint development and purchasing of parts between MAN and Scania, may help VW's truck and bus operations increase their operating margin to 9 percent by about 2025 from 6.9 percent last year, Renschler added.

VW group's supervisory board last Thursday paved the way for a potential IPO of its trucks business as part of a sweeping shake-up that also included naming a new group CEO and plans to streamline its multiple car brands.

Renschler said preparations to tap capital markets either through an IPO or selling debt would take 12 months, adding MAN Diesel & Turbo engine unit and transmissions maker Renk would be switched to VW.

"We need a lot of investment and funding," Renschler said. "We are lifting the (trucks) group to the next level."

(Reporting by Andreas Cremer; Editing by David Evans and Mark Potter)

By Andreas Cremer

Stocks mentioned in the article
ChangeLast1st jan.
MAN -0.10% 96.2 Delayed Quote.0.94%
NAVISTAR INTERNATIONAL CORP -2.05% 39.21 Delayed Quote.-4.52%
TOYOTA MOTOR CORP -0.20% 6923 End-of-day quote.-5.16%
VOLKSWAGEN -0.62% 173.28 Delayed Quote.4.75%
VOLVO 0.75% 161.15 Delayed Quote.4.75%
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Financials (€)
Sales 2018 170 B
EBIT 2018 14 523 M
Net income 2018 10 057 M
Finance 2018 15 041 M
Yield 2018 5,60%
P/E ratio 2018 6,94
P/E ratio 2019 6,79
EV / Sales 2018 0,32x
EV / Sales 2019 0,28x
Capitalization 69 785 M
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Number of Analysts 31
Average target price 79,0 €
Spread / Average Target 21%
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Dieter Zetsche Chairman-Management Board
Manfred Bischoff Chairman-Supervisory Board
Bodo K. Uebber Head-Finance & Controlling
Clemens A. H. Boersig Member-Supervisory Board
Sari Maritta Baldauf Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
DAIMLER-7.87%86 362
TOYOTA MOTOR CORP-5.16%210 690
VOLKSWAGEN4.75%107 672
BAYERISCHE MOTOREN WERKE4.57%73 037
HONDA MOTOR CO LTD-5.96%62 672
GENERAL MOTORS CORPORATION-5.03%54 522