By Stephen Nakrosis

Navistar International Corp. shares were higher Friday after the company said its board was prepared to move forward with a deal that would see the company acquired by Traton SE.

At 1:39 p.m. EDT, Navistar shares had gained 23% to $43.53. Volume at the time topped 13.6 million shares, above the stock's 65-day average volume of about 1.1 million shares.

Year to date, Navistar's stock is up more than 50%.

In a letter to Traton, Navistar asked the Volkswagen AG subsidiary to confirm that a price of $44.50 a share is a basis for finalization of definitive agreements, adding an offer at that price has the support of Navistar's two largest shareholders.

Later Friday, Traton said it reached an agreement in principle to purchase the maker of trucks, buses and other vehicles.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

October 16, 2020 14:24 ET (18:24 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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