Hyperdrive
Europcar Is Said to Reject $2.6 Billion Takeover Bid From VW
- Carmaker isn’t currently planning to raise its offer
- Rental business has recovered as pandemic restrictions ease
Photographer: Alex Kraus/Bloomberg
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Europcar Mobility Group has rejected a bid from Volkswagen AG valuing the auto-rental firm at about 2.2 billion euros ($2.6 billion), people with knowledge of the matter said.
A consortium led by the German carmaker offered about 44 euro cents per share for Europcar earlier this month, the people said, asking not to be identified because the information is private. Europcar, which is controlled by a group of hedge funds, views the proposal as too low, the people said.