The news is being advanced by Reuters and reveals that the Volkswagen Group may buy Europcar.
Affected by the Covid-19 pandemic and the downturn in the tourism sector, the car rental company thus appears on the “radar” of the Volkswagen Group.
At the same time, and according to Reuters, a possible purchase of Europcar by the Volkswagen Group would allow for a better capitalization of the fleet of the German group's brands.
A return to the past?
With a market value of around 390 million euros, Europcar is worth much less today than it was 14 years ago, when it was in the “hands” of the Volkswagen Group. In 2006 the Volkswagen Group sold Europcar, to the French investment company Eurazeo SE, for 3.32 billion euros.
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The rent-a-car business has been heavily affected by the COVID-19 pandemic, something that became even more evident after Hertz's bankruptcy filing in the US and Canada.
In May, Europcar announced that it had secured a financial aid package of 307 million euros, of which 220 million came from a loan guaranteed at 90% by the French government.
The possibility of this deal being carried out has not, so far, been confirmed by any of the parties.
Sources: Reuters, CarScoops, Automotive News Europe