Volkswagen leads multi-billion takeover bid for Europcar - Business Leader News

Volkswagen leads multi-billion takeover bid for Europcar

A consortium led by Volkswagen has announced a multi-billion-Euro takeover bid for car rental firm Europcar.

The takeover values Europcar at around €2.9bn – and the bid comes from the German carmaker, along with partners, asset manager Attestor Limited and Dutch mobility group Pon Holdings BV.

Volkswagen Chief Executive Herbert Diess said: “The mobility market is changing rapidly as customers increasingly demand new and innovative on-demand mobility solutions, such as subscription and sharing models to complement car ownership. Europcar provides advanced fleet management capabilities as well as a broad network of stations at major airports, railway stations and city locations and will help accelerate Volkswagen’s delivery of its ambitious mobility services targets.”

Europcar CEO Caroline Parot commented: “For our customers as well as for our employees, two global mobility service companies joining forces today makes a lot of sense and has great value creation potential.”

The group, together acting as Green Mobility Holding S.A., has filed its proposed tender offer for the shares of Europcar Mobility Group with the French Autorité des marchés financiers (AMF) today.

The deal is expected to be concluded by the end of Q1 2022.