12:11 pm, May 19, 2022
Volkswagen Group’s proposed takeover of Europcar is expected to move a step closer in the coming days with the bid set to win unconditional approval from the EU.
VW, along with Attestor Limited and Pon Holdings BV, are attempting to buy the car rental firm for €2.9bn but any takeover would require approval from the European Commission.
The body is due to vote on the proposals by May 25 but two people close to the deal have told Reuters they do not expect any last minute hiccups.
The deal would see the French-listed leasing company fall under the control of the three firms, bringing with it a fleet of over 350,000 vehicles.
Volkswagen is said to be keen to increase its presence in the mobility services market having earmarked it as a key area of growth.
The Wolfsburg-based manufacturer predicted last year that growth in the automotive industry would be fuelled by software and services and would double to €5 trillion by 2030.
Europcar currently has an international network that stretches in 140 different countries.
The European Commission declined to comment when asked about the news.
VW also remained tight-lipped but CEO Herbert Diess last week told shareholders that he expected EU approval before the end of Q2.
