Navistar rejects Volkswagen truck unit’s buyout offer

(Reuters) – Navistar International Corp on Monday rejected Volkswagen truck unit Traton’s <8TRA.DE> buyout offer of $43 per share, but said it was a starting point for exploring a possible transaction.

The German automaker has raised its $35 per share January offer as it looks to increase its stake in Truck maker Navistar from the 16.6% it acquired in 2016. Analysts at Jefferies have said Navistar is worth at least $45 a share.

(Reporting by Rachit Vats in Bengaluru; Editing by Vinay Dwivedi)