Volkswagen looks to buy majority stake in Europcar

Germany’s Volkswagen confirmed it is thinking of acquiring a majority stake in car rental company Europcar as it seeks to enter into the trend for consumers to rent instead of owning a vehicle.

The automaker said it was considering a potential transaction, along with investors Attestor and Pon Holdings, although considerations were at a very early stage and any decision is yet to be taken.

The car rental business has taken a heavy hit from the coronavirus pandemic following the collapse of the travel market.

Europcar had earlier rejected a $2.6 billion takeover bid from Volkswagen.