P.M. BRIEFING : Mack Trucks, Renault to Merge
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ALLENTOWN, Pa. — Mack Trucks, laid low by a slump in the heavy truck market, today agreed to merge with France’s Renault, abandoning its effort to stay independent.
Under the agreement, Regie Nationale des Usines Renault, which now owns about 44.5% of Allentown-based Mack, would acquire all remaining shares for $6.25 each.
Renault had previously offered $6 for the shares it did not own.
Mack shares traded at midday today at $6 in over-the-counter trading. They had traded as high as $6.50 in August, after fellow truck maker Navistar International said it was considering an offer for Mack.
Navistar declined to comment today on Mack’s announcement, but industry analysts said it is unlikely that Chicago-based Navistar will launch a counter-bid.
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