Volkswagen to buy major equity in Europcar
Legendary automobile brand, Volkswagen, is shooting investment shots at Europcar.
German carmaker Volkswagen announced that the company is on the verge of purchasing major equity in car rental company Europcar alongside other investors such as Attestor and Pon Holdings.
Volkswagen also stated that talks with Europcar are still at the beginning stage and no concrete conclusion has been made yet due to Europcar’s rejection of Volkswagen’s non-binding offer of $0.52 per share.
The German automobile company went on to reveal that the management had initially considered buying Europcar for $2.6 billion because of its rental feature that will contribute to Volkswagen’s long-term mobility vision and give strength to its product and services offering. However, Europcar turned Volkswagen’s offer down.
Many investors are anticipating the final statement from either Volkswagen or Europcar.