French Regulator Approves VW’s Takeover Bid for Europcar
The proposed offer — no longer awaiting approval — values Europcar at 2.9 billion euros.
Photo courtesy of Volkswagen
On Nov. 23, the Volkswagen Group and its partners Attestor Limited and Pon Holdings B.V., announced reaching an important milestone in the planned acquisition of Europcar: French financial market regulator Autorité des marchés financiers (AMF) approved the takeover offer of Green Mobility Holding S.A. for the shares of Europcar Mobility Group.
Volkswagen became the sole shareholder in Europcar in 1999, later selling its stake to investment firm Eurazeo SE in 2006. In June 2020, new reported talks began between VW and Europcar. But a year later, Europcar rejected VW's bid for its takeover, citing the proposed price per share not "reflecting the company’s full value and value creation potential.”
On July 28, 2021, VW confirmed a new offer to purchase Europcar valued at almost 3 billion euros.
This deal, proposed in September, offers 0.50 euro per share, valuing the car rental company at 2.9 billion euros ($3.4 billion).
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