Future organizational structure of the Group

In November 2020, TRATON SE and Navistar International Corporation (Navistar), a leading US truck manufacturer, announced the signing of a binding merger agreement. Under this agreement, TRATON will acquire all outstanding shares in Navistar not already owned by TRATON in return for cash payment at a price of USD 44.50 per share (total: approximately USD 3.7 billion). As of December 31, 2020, TRATON already holds a 16.7% stake in Navistar. The aim of the transaction is to enhance the ability to meet challenges from new regulations and fast-developing technologies in connectivity, propulsion and autonomous driving and to benefit from Navistar’s presence on the North American market. The completion of the transaction, through which TRATON will become Navistar’s sole owner, is intended for mid-2021 and is subject to the approval of Navistar’s shareholders, to the usual closing conditions and regulatory approvals. The main shareholders Icahn Capital LP and MHR Fund Management LC have already agreed to vote their stake in favor of the transaction.

Our plans are based on the Volkswagen Group’s current structures. They do not include the conclusion of the merger agreement. The effects of this transaction on the financial performance, cash flows and financial position are not taken into account in the forecast of the Volkswagen Group.