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Navistar International Corp. announced it merged with Munich-based Traton Group in a transaction valued at $3.7 billion, finalizing a strategic alliance launched in 2017.

Navistar International Corp. announced it received all regulatory approvals necessary to proceed with the previously announced merger with Dusk Inc., a wholly owned indirect subsidiary of Traton SE. The deal is expected to close today.

Volkswagen AG’s powerful works council picked its first female leader to succeed Bernd Osterloh, 64, who will take over as personnel chief at the German industrial giant’s Traton SE trucks division next month.

Traton SE is stepping up expansion plans in China after Volkswagen AG’s truck division hammered out a deal to acquire Navistar International Corp. to boost its presence in North America.

Volkswagen AG’s board is preparing to sign off on its heavy-truck unit Traton SE acquiring U.S. manufacturer Navistar International Corp., according to people familiar with the matter.

Volkswagen AG and Toyota Motor Corp.’s truck subsidiaries are joining forces on battery-electric and fuel cell vehicles, enabling the companies to split the costs of developing technology needed to comply with stricter emission rules.

Navistar International Corp. is on the verge of becoming a subsidiary of German truck maker Traton SE, a step analysts said is a positive development for both companies.

Volkswagen AG’s heavy-truck division set a deadline for Navistar International Corp. to accept its takeover bid, ratcheting up pressure on the U.S. manufacturer to decide on a $3.6 billion deal.

Volkswagen AG’s Traton truck-making division echoed competitors in warning it’s “intensively” preparing for a much more difficult environment next year.

Volkswagen AG raised 1.55 billion euros ($1.8 billion) selling a stake in its truck business, but only after pricing the offer at the low end of a target range to attract investors to one of Europe’s biggest initial public offerings this year.