Volkswagen agrees $3 bln-plus tender offer for Europcar

A new logo of German carmaker Volkswagen is unveiled at the VW headquarters in Wolfsburg, Germany

A consortium led by German automaker Volkswagen (VOWG_p.DE) has agreed with Europcar (EUCAR.PA) to launch a tender offer for the car rental company, which will value the group’s equity at at least 2.5 billion euros ($2.95 billion).

Volkswagen is proposing an offer price of 0.50 euros per share, which could be topped up by a 0.01 euros per share supplement if 90% of shareholders take up the bid, Europcar said in a statement, adding that its board had recommended the offer.

In total, investors representing 68% of Europcar’s shares have agreed to tender their shares to the offer, which Volkswagen is submitting jointly with Attestor and Pon Holdings, Europcar said.

The offer will be filed with the French regulator by the end of the third quarter 2021, Europcar said, adding it was expected to be completed in the course of the fourth quarter 2021 or the first quarter of 2022.

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