Volkswagen Confirms It Is Considering Acquisition of Majority Stake in Europcar
June 24 2021 - 7:05AM
Dow Jones News
By Mauro Orru
Volkswagen AG has confirmed that it is considering a potential
transaction to acquire a majority stake in Europcar Mobility Group
SA, the Paris-listed car-rental company that yesterday rejected a
non-binding offer.
The German car maker broke its silence on Thursday after a
series of press reports on a prospective acquisition, saying it is
considering a majority stake purchase in a consortium with Attestor
Limited and Pon Holdings BV.
"These considerations are at a very early stage and no decisions
have been taken," Volkswagen said in a statement, adding that a
deal could be attractive for the company.
"It represents one of several options to give Volkswagen access
to a platform that would support Volkswagen's long-term mobility
vision and strengthen Volkswagen's spectrum of products and
services," it added.
Europcar confirmed late Wednesday that it had received and
rejected an expression of interest for a potential transaction
valuing the company at about 2.21 billion euros ($2.64
billion).
Europcar said the proposal at EUR0.44 per share didn't reflect
the company's value and potential.
"A non-binding offer of EUR0.44 per share subject to, among
others, satisfactory due diligence has been rejected by Europcar
and there is no certainty whether a transaction will materialize or
not and at what commercial terms," Volkswagen said.
At 1040 GMT, Europcar shares traded 4.7% higher at EUR0.45.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
June 24, 2021 06:57 ET (10:57 GMT)
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