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Volkswagen Group strikes step nearer to buying Europcar | Autocar

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The Volkswagen Group has moved a step nearer in the direction of buying French car rental agency Europcar after monetary regulators in France authorised its takeover provide. 

The German automotive large partnered with UK-based asset supervisor Attestor Restricted and Dutch automotive conglomerate Pon Holdings in July to put a €2.9 billion (£2.4bn) provide, at 50 cents per share. 

“The consortium believes that this pattern requires suppliers to function an built-in platform and provide one-fleet-for-all choices to maximise car utilisation and platform high quality,” stated Volkswagen in its provide assertion. 

“As well as, city mobility proposals primarily based on autonomous driving applied sciences, akin to robotic cabs, will additional speed up the expansion of on-demand mobility options.”

Attestor seems set to take a 27% stake of Europcar’s shares, whereas Pon will management 7%. 

French monetary regulator Autorité des Marchés Financiers (AMF)​​ will announce when the method of tendering shares will begin.

The transfer is a major step in Volkswagen’s deliberate transfer to offering extra superior mobility options.

“The mobility market is altering quickly as clients more and more demand new and progressive on-demand mobility options, akin to subscription and sharing fashions to enhance automobile possession,” Volkswagen Group chief govt Herbert Diess instructed Reuters earlier this yr. 

“Europcar offers superior fleet administration capabilities in addition to a broad community of stations at main airports, railway stations and metropolis places and can assist speed up Volkswagen’s supply of its formidable mobility companies targets.” 

The Volkswagen Group beforehand wholly owned Europcar within the Nineties earlier than promoting the agency to funding agency Eurazeo for €1.26bn (£1bn) in 2006. 

Europcar is energetic in 140 international locations internationally, with operations in Europe, Western Asia, North America and Africa, and has a fleet of greater than 350,000 automobiles. 

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