Carl Iachn

Lordstown Motors closes plant sale to Taiwan’s Foxconn

Front 3/4 view of silver Lordstown Endurance electric pickup truck on display at the Advanced Clean Technology Expo in Long Beach, California.

Lordstown Motors Corp. has sold a former General Motors plant it essentially got for free, netting about $257 million to keep its commercial electric pickup truck production on track. But the new plant owner — Taiwan electronics maker Foxconn — will build the trucks as part of the deal.

The clock was ticking against a Saturday deadline that would have forced LMC to forfeit most of its assets to repay $200 million Foxconn advanced on the plant purchase. 

The cash infusion clears some of the rocks...

https://www.freightwaves.com/news/lordstown-motors-closes-plant-sale-to-taiwans-foxconn

Navistar tells TRATON it will accept buyout at $44.50 a share

Navistar International Corp. (NYSE: NAV) countered TRATON Group’s “best and final” $43 a share offer on Friday, telling Volkswagen AG’s truck holding company it would need to pay $44.50 a share, or about $3.7 billion, to acquire the company.

The counteroffer has the backing of two large Navistar shareholders — billionaire Carl Icahn and financier Mark Rachewski. Icahn and Rachewski, through his MHR Fund Management, and TRATON each own about 17% of Navistar’s shares.

Final negotiations

The deal...

https://s29755.pcdn.co/news/navistar-tells-traton-it-will-accept-buyout-at-4450-a-share

Report: TRATON-Navistar merger talks heat up

Seven months after TRATON SE (ETR: 8TRA) offered $2.9 billion offer to acquire the rest of Navistar International Corp. (NYSE: NAV)  the on-again, off-again merger talks may be heating up, according to a Bloomberg report.

TRATON is the truck holding company of German automaker Volkswagen AG. It owns about 16.7% of Navistar, which builds International-brand trucks, school buses, defense vehicles and engines. 

On Jan. 30, TRATON offered $35 a share in cash for the rest of Navistar shares. But it...

https://s29755.pcdn.co/news/report-traton-navistar-merger-talks-heat-up