Germany's Volkswagen is offering $2.9B to acquire Navistar, maker of the International brand of commercial trucks and buses, based in Lisle, IL

Navistar, which has about 15 percent of the US heavy-duty truck market, confirmed receipt of the $35 per-share offer from Volkswagen's Traton truck unit and promised to take it under consideration.

Brunswick Group's Kate Beers is working the media for the truckmaker.

Traton already owns a 17 percent stake in Navistar.

It says Navistar's strength in the North American market combined with its leading positions in South America and Europe "would create a leader with global reach and complementary capabilities."

Navistar posted a 9.7 percent rise in fiscal 2019 (ended Oct. 31) revenues to $11.3B. Net income fell 35.3 percent to $221M due to a slump in demand. ]

The company, which was formerly known as International Harvester, traces its heritage to Cyrus McCormick's invention of the mechanical reaper.

IH sold its farm equipment unit to J I Case in 1984 and became Navistar in 1986.