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Europcar: Volkswagen and its associates present their offer to purchase

2021-09-20T16:15:20.568Z

The German automobile giant is offering 2.5 billion euros for the takeover of Europcar. Volkswagen presented Monday its offer to buy at 2.5 billion euros for the French lessor Europcar with the British fund Attestor and the Dutch mobility platform Pon, already accepted by its board of directors but subject to the green light of the 'Financial Markets Authority. Volkswagen would eventually own 66% of the capital and voting rights of Europcar, Attestor 27% and Pon 7%, indicate in a pre



Volkswagen presented Monday its offer to buy at 2.5 billion euros for the French lessor Europcar with the British fund Attestor and the Dutch mobility platform Pon, already accepted by its board of directors but subject to the green light of the 'Financial Markets Authority.

Volkswagen would eventually own 66% of the capital and voting rights of Europcar, Attestor 27% and Pon 7%, indicate in a press release the partners, united in a Luxembourg holding company.

Read alsoWhy Volkswagen wants to get its hands on Europcar

Europcar is not expected to be "

consolidated

" into the Volkswagen group, say the partners, while reserving the right to examine the possibility of a merger.

The world number 2 in the automobile industry intends to "

continue transforming society, to expand its offer in the fields of mobility solutions by relying on its physical and digital platforms

".

No impact on Europcar's human resources

This takeover “will

strengthen Volkswagen's skills in the areas of fleet management, dynamic pricing, etc., but also à la carte services to develop its mobility platform

”, underline the partners. The offer should not have a "

significant impact

" on the "

current principles of the Company in terms of workforce and human resources management

", reaffirmed the partners.

The headquarters of Europcar should remain in Paris and the number of full-time employees in France maintained "

for a period of 12 months from the date of completion of the offer,

" said the press release.

A traditional activity for car rental companies, mobility services have interested manufacturers such as Volkswagen, BMW and Renault for several years, with an economic model that remains to be found.

Read alsoVictim of Covid-19, Europcar is taken over by its creditors

Europcar was owned until 2006 by Volkswagen, which sold it for 3.32 billion euros to the French investment company Eurazeo. The consequences of the health crisis led Eurazeo to withdraw from the capital in early 2021 in favor of the group's creditors, five American and British funds, including New Yorkers Anchorage (owner of the MGM studios) and Marathon.

Source: lefigaro

All business articles on 2021-09-20

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