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A consortium led by Volkswagen on Monday handed in a proposal for a takeover of Europcar Mobility Group to France’s market regulator AMF, the automaker said on Monday, following through on an announcement in July that an offer was underway.
Volkswagen is working with asset manager Attestor Limited and Dutch mobility group Pon Holdings BV for the deal. The automaker is proposing an offer price of 0.50 euro each share, valuing the car rental company at 2.9 billion euros ($3.4 billion).
Europcar, the European leader in car rental, has been hit by the coronavirus crisis. Its turnover declined by 45% last year due to the pandemic, with net losses of 645 million euros ($757 million).
