The owners of the hedge funds of the car companies Europcar and Volkswagen (VW) are having advanced talks about the takeover of the French car rental company, Reuters writes, citing two anonymous sources.
In June, it became clear that the German car giant Volkswagen, which had owned Europcar in the past, wanted to acquire the French company again. A consortium led by VW then offered a price of about 0.44 euros per share of the company. However, no deal was reached, according to representatives of Europcar, which is managed by several hedge funds, the main reason for this is the too low value of the offer.
One of the largest car rental companies in Europe has refused a deal with VW for € 2.2 billion
The German giant owned it again between 1998 and 2006
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According to the sources, it is very likely that a deal will be reached this time, as both it and the exact amount of the acquisition may become known tomorrow (Wednesday, July 28). Most likely, Volkswagen has raised the price per share to at least 0.50 euros per share.
Volkswagen’s goal is to expand its presence in the mobile services market through the deal. Although the rental car segment is recovering from the easing of restrictions, traditional companies in the sector are facing many challenges in the face of new players in the market, such as shared travel companies.
Europcar was founded in Paris in 1949. Today, it operates in 140 countries in Europe, North America, West Asia and Africa. Between 1970 and 1988, the company was owned by Renault, and 10 years later it was bought by Volkswagen.
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Within 10 years, 50% of Volkswagen’s sales will be on electric cars
EUR 73 billion of the total investment is earmarked for the development of future technologies
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In 2006, the largest car manufacturer in Europe sold it to the investment company Eurazeo.
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