Frankfurt: Volkswagen believes that the offer of 2.9 billion euros ($ 3.3 billion) for Europcar France, was made as part of the consortium, simply reflect the value of the company, said a senior executive, pouring cold water with higher expectations.
“With the takeover premium of 30-40%, depending on the reference point, we have presented a very interesting offer,” Christian Dahlheim, Head of the Volkswagen Group Sales and one of the main architects of the agreement, told Reuters.
Volkswagen, along with assets of the Attrestor Limited manager and the Dutch Mobility Group PON Holdings BV, offers 0.50 euros per share in Europcar, which can be filled with 0.01 euros per share if 90% shareholders take offering.
Stocks in Europcar are currently trading at 0.508 euros each.
Under the offer, first announced in July and was launched on Friday, Europcar investors at least until December 30 to examine their shares.
Investors representing 68% of Europcar’s shares have approved their share tender, which will provide consortium control over a car rental group under the French takeover law.
“We will enter the mobility sector in the short term.
The Europcar acquisition is clearly our choice,” Dahlheim said.
Consortium, Green Mobility Holding, is still targeting extortion to carry out its strategic plan for the company, he said.
It plans to take advantage of a wide Europcar international network in more than 140 countries, including an area of ​​around 350,000 vehicles, as a way to sell profitable mobility services.
“We buy Europcar because we believe that we can develop it in a good direction to offer expanded mobility,” Dahlheim said, adding that he expected European antitrust authorities to approve the transaction at the beginning of next year.
Investment for future growth will be funded from the Europcar cash flow, said Dahlheim.
($ 1 = 0.8897 Euro) (Reporting by Christoph Steitz; Editing by Maria Sheelah)