PARIS (Reuters) – A consortium led by German automaker Volkswagen has agreed with Europcar to launch a tender offer for the car rental company, which will value the group’s equity at least 2.5 billion euros ($2.95 billion).
Volkswagen is proposing an offer price of 0.50 euros per share, and which could be topped up by a 0.01 euros per share supplement if 90% of shareholders take up the bid, Europcar said in a statement, added that its board had recommended the offer.
($1 = 0.8465 euros)
(Reporting by Gwenaelle Barzic, Writing by Sarah White, Editing by Chris Reese)
