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VW shares fall: Financial Market Authority approves buyback of Europcar by Volkswagen

The French Financial Market Authority (AMF) has approved the planned takeover of the French car rental company Europcar by Volkswagen.

The takeover offer by a consortium around the car maker Volkswagen for the Europcar shares has been released, the authority announced after a meeting in Paris on Tuesday. Europcar had already accepted the offer at the end of July. The car rental company was in dire straits during the corona pandemic, as were competitors. Volkswagen sold Europcar in 2006.

Volkswagen wants to use the planned buyback of Europcar to convert the French company from a pure car rental company to a service network for its own offers, said CEO Herbert Diess at the end of July. For VW, Europcar is “the best starting point for a future mobility platform”. It is about creating an integrated range of services for everything to do with cars. The company’s own fleet services and car sharing should therefore be brought together with Europcar, said the VW CEO.

The VW share ultimately lost 2.78 percent to 172.38 euros in XETRA trading.

PARIS / WOLFSBURG (dpa-AFX)

Reference-www.finanzen.at

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