Alpha Gen Capital
Tue, Sep. 6, 7:52 AM
- Shares of Navistar (NYSE:NAV) are soaring in early trading after the company confirms that it entered a strategic alliance with Volkswagen Truck & Bus.
- Volkswagen Truck & Bus will acquire 16.2M newly-issued shares in Navistar at a price of $15.76 to accumulate a position of 19.9%. Navistar will receive $256M from the equity investment to be used for general corporate purposes.
- The company says it expects "significant" synergies from the strategic technology collaboration, with cumulative synergies ramping up to as much as $500M after five years.
- "Starting in the near term, this alliance will benefit our purchasing operations through global scope and scale. Over the longer term, it is intended to expand the technology options we are able to offer our customers by leveraging the best of both companies and enabling Navistar to deliver enhanced uptime," says CEO Troy Clarke.
- Volkswagen Truck & Bus is a wholly-owned subsidiary of Volkswagen (OTCPK:VLKAY).
- Previously: Report: Volkswagen, Navistar to announce partnership (Sept. 5)
- NAV +28.64% premarket to $18.10.
Thu, Mar. 3, 4:56 PM
- Navistar (NYSE:NAV) surged 17% in today's trade after CEO Troy Clarke suggested to Reuters that the company would be an attractive acquisition target.
- Referring to NAV's agreement to manufacture a line of medium-duty trucks for GM, Clarke told Reuters the company has the opportunity "to do more of those kinds of things in the event we continue to remain a standalone company. On the other hand, there are companies out there that could use our ability to do that kind of stuff to grow their footprint in North America."
- Analysts have speculated that NAV could be a candidate for an acquisition or alliance, possibly with Volkswagen's (OTCPK:VLKAF, OTCPK:VLKAY) truck operations, is seen as a more attractive target than rival Paccar (NASDAQ:PCAR) because of its larger North American dealer network.
- NAV's shares were down ~70% Y/Y headed into today's session, and its market cap of $720M was less than its cash on hand of ~$1B.
Oct. 30, 2012, 8:33 AM
Navistar (NAV) is willing to consider the sale of any part of the company as it attempts to return to profitability, interim CEO Lewis Campbell said yesterday. The truck and engine maker, which is halfway through a comprehensive review, "might try to monetize" any business that doesn't improve within a reasonable time. However, Navistar has plenty of cash, so doesn't need to sell at fire-sale prices.| Oct. 30, 2012, 8:33 AM | 2 Comments
Jul. 28, 2012, 1:59 PMCarl Icahn takes his stake in Navistar (NAV) to 14.95% - just shy of the 15% threshold that would jump-start the truckmaker's new anti-takeover plan. No news about Icahn's plans for the firm, but his stake is roughly equal to that of fellow activist and his former adviser Mark Rachesky, who has 14.9% himself - and most Navistar shares are concentrated in just a few hands. | Jul. 28, 2012, 1:59 PM | 2 Comments
Jan. 27, 2012, 3:27 PM
Oshkosh (OSK +1.5%) says at least 12 of its 13 board nominees have been elected, defeating an attempt by Carl Icahn to install an alternative slate of company directors. Icahn holds ~10% stakes in Oshkosh and Navistar (NAV +3.4%) and wants to see the rival truck makers merge (previous).| Jan. 27, 2012, 3:27 PM
Jan. 6, 2012, 10:09 AM
Carl Icahn issues an open letter to Oshkosh (OSK -0.7%) shareholders ahead of the truck manufacturer's Jan. 27 annual meeting. In the letter, Icahn, who holds 10% stakes in Oshkosh and rival Navistar (NAV), calls on shareholders to vote in his 6 board nominees, and outlines his turnaround plan for the company. Yesterday, Oshkosh filed proxy materials blasting Icahn's moves.| Jan. 6, 2012, 10:09 AM | 3 Comments
Dec. 22, 2011, 3:39 AM
Dec. 20, 2011, 12:18 PMOn an earnings call, Navistar (NAV +6.35%) CEO Dan Ustian reiterates his interest in co-operating with Oshkosh (OSK +5.7%) in some areas, such as in the field of commercial and defense vehicles. Carl Icahn, who owns 10% in both firms, favors a tie-up, although Owl Creek, which holds 8.5% in Navistar, is concerned about it. | Dec. 20, 2011, 12:18 PM
Nov. 15, 2011, 3:44 PM
Navistar (NAV -1.8%) reaches an agreement with Carl Icahn that requires the commercial truck maker to conduct annual elections of its directors and eliminate staggered terms for directors. In return, Icahn won't offer his own slate of candidates for election to the board and will support directors recommended by the company.| Nov. 15, 2011, 3:44 PM | 1 Comment
Nov. 4, 2011, 5:34 PMOshkosh (OSK +3.4%) outperformed today after Carl Icahn disclosed in a 14-A filing that he's nominating six candidates to the truck manufacturer's board. Icahn, who owns over 10% of Oshkosh's shares, is widely rumored to be pushing for a merger with rival Navistar (NAV +0.5%), in which he holds a 9.9% stake. | Nov. 4, 2011, 5:34 PM | 1 Comment
Nov. 3, 2011, 12:19 PMCarl Icahn just bought another piece of Navistar (NAV +1.8%) stock, boosting his stake in the commercial trucking company to 9.99%, according to an SEC filing. Icahn recently made large investments in both Navistar and Oshkosh (OSK +0.2%), another trucking company, leading to speculation that he wants to combine the two. | Nov. 3, 2011, 12:19 PM
Oct. 21, 2011, 10:30 AM
Oct. 21, 2011, 9:29 AM
Bloomberg reports Carl Icahn may try to merge Navistar International (NAV) with Oshkosh (OSK) after upping his stake in NAV to 9.8%. Penn Capital's Patrick Nolan sees Icahn betting the trucking cycle is here to stay and military spending will hold up - making valuations "pretty cheap."| Oct. 21, 2011, 9:29 AM