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Volkswagen truck unit Traton offers $2.9 billion to take over Navistar

Navistar shares shot up by 50% to just over $36 a share in after-hours trading following Traton’s proposal, suggesting investors expect a potential deal could be richer than Traton’s opening offer. Traton said its offer was subject to Navistar and Traton reaching a merger agreement. …read more […]

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Exxon quarterly profit falls 5.2% on weak refining, chemical margins

Exxon Mobil Corp reported a 5.2% drop in fourth-quarter profit on Friday, as assets sales propped up flat year-over-year oil and gas output and weakness in its refining and chemicals businesses. Oil companies last quarter suffered from weaker prices for their products, and in Exxon’s case it has been spending heavily to boost its oil output to reverse production declines. Net income attributable to Exxon fell to $5.69 billion, or $1.33 per share, in the three months ended Dec. 31, from $6 billion, or $1.41 per share, a year earlier. …read more […]