EU SHOULD UNCONDITIONALLY AUTHORIZE VOLKSWAGEN’S BID ON EUROPCAR, SOURCES SAY
BRUSSELS (Reuters) – Volkswagen, at the head of a consortium, is on track to obtain the unconditional green light from European competition authorities for its takeover bid for Europcar for 2.9 billion euros, said sources familiar with the matter told Reuters.
The German automobile group, associated for this operation with the asset manager Attestor Limited and the Dutch mobility group Pon Holdings BV, proposed last September an offer at 0.50 euro per share on the French specialist in vehicle rental.
Present in more than 140 countries and having a fleet of more than 350,000 vehicles, Europcar would allow Volkswagen to strengthen its position in the lucrative sector of mobility services.
When presenting its 2030 strategic plan last year, Volkswagen estimated that software and services would drive growth in the global automotive market, which is expected to more than double in value to 5 trillion euros. here the end of the decade.
The European Commission, which must decide on the operation by May 25, and Volkswagen declined to comment.
Herbert Diess, the automaker’s chief executive, told shareholders last week that he expected Brussels to approve the deal by the end of the second quarter.
(Report Foo Yun Chee; French version Laetitia Volga, edited by Jean-Michel Bélot)