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Europcar Board of Directors approves Volkswagen takeover offer

2021-07-28T18:14:04.961Z

The operation should be completed between the end of 2021 and the beginning of 2022. The board of directors of Europcar announced on Wednesday that it had approved the takeover offer from a consortium led by Volkswagen, which would value the lessor at 2.5 billion euros. Read also: Why Volkswagen wants to get its hands on Europcar The operation should be completed between the end of 2021 and the beginning of 2022, " without significant consequences " for employment, Europcar said



The board of directors of Europcar announced on Wednesday that it had approved the takeover offer from a consortium led by Volkswagen, which would value the lessor at 2.5 billion euros.

Read also: Why Volkswagen wants to get its hands on Europcar

The operation should be completed between the end of 2021 and the beginning of 2022, "

without significant consequences

" for employment, Europcar said in a press release.

Europcar had in June refused a first takeover offer for Volkswagen at 0.44 euros per share, valuing it at 2.2 billion euros, without closing the door to the German manufacturer.

Volkswagen had confirmed its desire to buy a

"majority of shares"

of the car rental company.

In view of this transaction, the manufacturer indicated to collaborate with the British investment fund Attestor, and the Dutch mobility specialist Pon.

Until 2006, Europcar was owned by Volkswagen, which sold it for 3.32 billion euros to the French investment company Eurazeo.

Despite this takeover, the company remained close to Volkswagen, ordering one third of its fleet each year.

Source: lefigaro

All business articles on 2021-07-28

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