Europcar was owned until 2006 by Volkswagen, which sold it for 3.32 billion euros to the French investment company Eurazeo.
The consortium led by Volkswagen, which launched a takeover bid for car rental company Europcar in November, holds 87.38% of its capital, the Autorité des marchés financiers said on Wednesday, specifying that the offer will be soon to be reopened for the remaining actions.
Read alsoWhy Volkswagen wants to get its hands on Europcar
In July 2021, the board of directors of Europcar had approved the takeover offer of the consortium – led by Volkswagen, the British fund Attestor Limited, already a shareholder of the group, and the Dutch mobility group Pon, united in the holding Green Mobility – for a valuation of the lessor at 2.5 billion euros (2.9 billion euros debt included). More than a year after coming close to bankruptcy, Europcar has thus again been bought by Volkswagen, 15 years after their separation on good terms, while the German group wishes to strengthen itself in mobility services.
A closing date for the offer set for June 14
The takeover bid, launched last November, was set at a price of 0.50 euro per share. On Wednesday, the Autorité des marchés financiers (AMF) announced that on June 14, the closing date of the offer, the consortium held 4.382 billion Europcar shares, representing as many voting rights, i.e. 87.38% of the capital and at least 87.36% of the voting rights. “The offer therefore has a positive follow-up” indicates the opinion of the AMF, which adds that a subsequent publication “will specify the dates and duration of the reopening of the offer», relating to the remainder of the capital.
Read alsoGreen light from Brussels for the takeover of Europcar by a consortium led by Volkswagen
The owners of Europcar had refused an initial takeover offer at 0.44 euros per share, which would have valued the group at 2.2 billion euros. Europcar was owned until 2006 by Volkswagen, which sold it for 3.32 billion euros to the French investment company Eurazeo. The consequences of the health crisis had led Eurazeo to withdraw from the capital at the beginning of 2021 in favor of the group’s creditors, five American and British funds, including the New Yorkers Anchorage (owner of the MGM studios) and Marathon.