Icahn, ex-protege fuel trucking-merge drama – Fox Business

This big-rig truck merger could be headed for a collision course.

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Carl Icahn and other key investors in trucking giant Navistar are willing to sell it to a Volkswagen subsidiary for around $50 a share, valuing the maker of International semi trucks at a whopping $5 billion, sources told The Post.

The 84-year-old billionaire could, however, find himself locked in a boardroom battle with his former protege Mark Rachesky — a major Navistar shareholder who may demand an even higher bid, according to people close to the talks. Whatever happens, insiders say, Icahn is readying himself for battle with plans to push through a deal at what he believes is a reasonable price.

CORONAVIRUS CAN’T STOP TRUCKERS: LONG-HAUL TRIPS CONTINUE AT NEAR-NORMAL LEVELS, STUDY SHOWS

Volkswagen’s truck-manufacturing subsidiary Traton — which last month raised its offer for Navistar to $43 a share, up from a pre-pandemic overture of $35 a share in January — is conducting diligence on Navistar and is expected to finish by the end of this week, sources close to the situation said.

Traton — which sees Navistar as Volkswagen’s ticket into the US’s lucrative long-haul trucking business — is expected to once again increase its $43-a-share offer by mid-October, although it is unclear by how much, sources said.

Navistar shares on Friday closed at $44, indicating investors are expecting Traton to deliver a sweetened bid.

Ticker Security Last Change Change %
NAV NAVISTAR 43.97 -0.03 -0.07%

Last month, Navistar, the biggest independent maker of trucks
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