Volkswagen’s takeover of Europcar set to move a step closer, say sources close to deal

  • Volkswagen set to win unconditional approval from EU for Europcar takeover
  • Deal, worth €2.9bn, would see VW team up with Attestor Limited and Pon Holdings BV
  • CEO tells shareholders he expects approval before the end of Q2

Time 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.

Jack Williams's avatar

Jack joined the Car Dealer team in 2021 as a staff writer. He previously worked as a national newspaper journalist for BNPS Press Agency. He has provided news and motoring stories for a number of national publications including The Sun, The Times and The Daily Mirror.

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