Volkswagen Group says it’s reached an important milestone in its planned acquisition of Europcar after its offer was approved by the French financial market regulator.

Volkswagen Group said today that French financial market regulator Autorité des marchés financiers (AMF) has now approved the takeover offer

VW, along with London-based asset manager Attestor Limited and Dutch mobility provider Pon Holdings BV, launched a recommended takeover offer for the rental and mobility giant in July this year, valuing it at €2.9bn (£2.46bn).

In a statement today (24 November 2021), the Volkswagen Group said that French financial market regulator Autorité des marchés financiers (AMF) has now approved the takeover offer.

The consortium would acquire Europcar through a dedicated ‘Green Mobility Holding’ company that would be jointly held by the consortium members, with Volkswagen taking a 66% share, while Attestor would hold 27% and the remaining 7% would be taken by Pon.

The deal, which according to reports has been under consideration for the last year, comes after VW sold Europcar to a private investor in 2006 and is the latest move by an OEM to enter the mobility sector.

Speaking in the summer, Volkswagen said the transaction “provides a compelling opportunity to create a leading mobility platform” and would “deliver new and innovative mobility solutions to meet growing customer demand for services complementing car ownership”.

The offer was approved by Europcar’s board of directors in September this year.

Volkswagen added today that the start of the acceptance period for the tender of shares in Europcar Mobility Group will be announced by the AMF.