[Stay on top of transportation news: .]
Navistar Drops Bid for GM’s Medium-Duty Truck Business
Navistar International Corp. said Wednesday it will not go through with its planned purchase of General Motors Corp.’s medium-duty truck business, citing “significant marketplace and economic changes.”
The two let expire a memorandum of understanding, first signed in December, for Navistar to buy the business, Navistar said in a statement.
“GM will continue to review strategic options for the business, including continued discussions with Navistar,” the statement said.
Navistar makes International brand commercial and military vehicles.
Terms of the planned deal were not disclosed, but one industry analyst valued GM’s medium-duty business at $500 million last year, Bloomberg reported.