Volkswagen says it has reached agreement in principle to buy Navistar for $44.50 per share

Volkswagen's truck unit Traton on Friday said it had agreed to sweeten its $43 per share takeover bid for US truck maker Navistar International Corp to $44.50.

"Traton SE and the US-American truck manufacturer Navistar International Corporation, in which Traton already holds a stake of 16.8%, have today reached agreement in principle that Traton will acquire by merger all shares in Navistar not already held by Traton, at a price of $44.50 per Navistar share," Traton said in a statement.