FRANKFURT (Reuters) -A consortium led by German automaker Volkswagen has agreed with Europcar to launch a tender offer for the car rental company that values the group at 2.9 billion euros ($3.4 billion) including debt.
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 minimum acceptance threshold for the takeover offer is 67%, Volkswagen said in a separate statement.
“With its advanced fleet management capabilities and strong network of stations, Europcar will help accelerate Volkswagen’s delivery of its ambitious mobility services targets,” Volkswagen CEO Herbert Diess said.
Europcar has 3,500 stations in more than 140 countries, a fleet of over 350,000 vehicles, and serves over 5 million customers per year, Volkswagen 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.
($1 = 0.8466 euros)
(Reporting by Gwenaelle Barzic, Writing by Sarah White; editing by Sandra Maler and Kirsten Donovan)
