FRANKFURT – A Volkswagen-led consortium that has made a bid to buy Europcar has filed for antitrust clearance with the European Commission, it said on Tuesday, confirming that it expects the deal to be completed by the end of June.
EU antitrust clearance is the only remaining obstacle standing in the way of the tender offer, the consortium, which also includes asset manager Attestor Limited and Dutch mobility group Pon Holdings BV, said in a joint statement.
The consortium in July launched a bid for Europcar that values the French-listed firm at 2.9 billion euros ($3.1 billion). The 0.50 euros per share offer price can be topped up by 0.01 euros apiece if 90% of shareholders take it up.
Shares in Europcar currently trade at 0.502 per share.
The Commission’s deadline for a decision after the preliminary review is May 25.
($1 = 0.9260 euros)
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(Reporting by Christoph Steitz and Foo Yun Chee, editing by Thomas Escritt)