Sumary of Volkswagen sees Europcar deal as attractive, quashes hopes for higher bid:
- “With a takeover premium of 30-40%, depending on the reference point, we have presented a very attractive offer,” Christian Dahlheim, Volkswagen’s head of group sales and one of the main architects of the deal, told Reuters.
- Volkswagen, along with asset manager Attestor Limited and Dutch mobility group Pon Holdings BV, is offering 0.50 euro per share in Europcar, which could be topped up by 0.01 euro per share if 90% of shareholders take up the bid.
- Investors representing 68% of Europcar’s shares have already agreed to tender their stock, which would give the consortium control over the car rental group under French takeover laws.
- The consortium, Green Mobility Holding, is still targeting a squeeze-out to faster implement its strategic plans for the company, he said.