Approved by Europcar’s board but still subject to the green light from France’s market watchdog, the deal would give VW a 66 percent share.
see photosVolkswagen was once owned by Europcar and in 2006 sold it to the French investment firm Eurazio for 3.3 billion euros.
German carmaker Volkswagen on Monday offered 2.5 billion euros ($2.9 billion) to French car rental firm Europcar in an offer backed by a British investment firm and a Dutch tech company. Approved by Europcar’s board but still subject to the green light from France’s market watchdog, the deal would give VW a 66 percent share.
UK Fund Attester will take 27 per cent and Dutch mobility platform Pon will take 7 per cent.
“It is not anticipated that (European) will be consolidated into Volkswagen Group” if the purchase goes ahead, a Luxembourg-based holding company set up by potential buyers said in a statement.
VW said it seeks to “satisfy the growing consumer appetite for new and innovative ‘on-demand’ mobility”.
But the world’s second-largest carmaker said it wants to meet “a growing consumer appetite for new and innovative ‘on-demand’ mobility … such as subscription and sharing models”.
Meanwhile, the buyout “will not have a significant impact on (Europeancar’s) workforce”, the statement said.
European manufacturers such as BMW, VW and Renault have traditionally eyed a separate car rental business in recent years, but have yet to find a profitable business model.
Volkswagen once owned Europcar and in 2006 sold it to French investment firm Eurazio for €3.3 billion.
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But the company was forced to hand over the rental firm to its creditors earlier this year due to the coronavirus pandemic.
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