VW launches €2.9B bid for Europcar

Wednesday, 28. July 2021 21:34

A consortium of Volkswagen Group, Attestor Limited and Pon Holdings entered into a tender offer agreement to launch a €2.9 billion takeover bid for car rental firm Europcar Mobility Group, Volkswagen said on Wednesday.

The German carmaker noted its offer price was €0.50 for all outstanding shares of Europecar and could increase to €0.51 if more than 90% of the share capital and voting rights are transferred following the tender offer. The offer is expected to be filed with the French Stock Market Authority (AMF) by the end of the third quarter and the transactions is seen closing in the fourth quarter of 2021 or first quarter of 2022.

"Building a leading mobility platform is a key priority of our recently announced NEW AUTO strategy. With its advanced fleet management capabilities and strong network of stations, Europcar will help accelerate Volkswagen’s delivery of its ambitious mobility services targets," Volkswagen CEO Herbert Diess stated.

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Breaking the News / NP