VW files offer for Europcar with French market regulator

BERLIN, Sept 20 (Reuters):

A consortium led by Volkswagen on Monday handed in a proposal for a takeover of Europcar Mobility Group to France's market regulator AMF,

Volkswagen said on Monday, following through on an announcement in July that an offer was underway.

Volkswagen, which has teamed up with asset manager Attestor Limited and Dutch mobility group Pon Holdings BV for the deal, is proposing an offer price of 0.50 euro per share, valuing the car rental company at 2.9 billion euros ($3.4 billion).

With the offer Volkswagen is betting on Europcar's vast international network in more than 140 countries, including a fleet of over 350,000 vehicles, as a way to sell lucrative mobility services.

"The mobility market is changing rapidly as customers increasingly demand new and innovative on-demand mobility solutions, such as subscription and sharing models to complement car ownership," Volkswagen Chief Executive Herbert Diess said.

"Europcar provides advanced fleet management capabilities as well as a broad network of stations at major airports, railway stations and city locations and will help accelerate Volkswagen's delivery of its ambitious mobility services targets."

In July, Volkswagen unveiled its new 2030 strategy, singling out software and services as one of the drivers of the global automotive market, which it reckons will more than double to 5 trillion euros by the end of the decade.

In total, investors representing 68% of Europcar's shares have agreed to tender their stock, including Attestor, Anchorage, Centerbridge and Monarch, Volkswagen said.

This is more than the 67% minimum acceptance threshold set for the deal, it added.

Volkswagen said its supervisory board has approved the proposed transaction.

The acquisition will be handled by Green Mobility Holding, a dedicated vehicle in which Volkswagen will own two-thirds, Europcar said.

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