A consortium led by Volkswagen has agreed with Europcar to launch a tender offer for the car rental company that values it at 2.9 billion euros ($3.4 billion) including debt, Europe’s largest carmaker said on Wednesday.
Volkswagen, which has teamed up with asset manager Attestor Limited and Dutch mobility group Pon Holdings BV for the deal, is proposing an offer price of 0.50 euro per share, it said in a statement.
This could be topped up by a 0.01 euro per share supplement if 90% of shareholders take up the bid, Europcar said in a separate statement, adding that its board had recommended the offer.
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