(AOF) – Things are progressing on the Europcar file (-0.16% to 0.5122 euro), which should soon join the fold of Volkswagen (-1.80% to 273.20 euros), 15 years after the to have left. The Autorité des marchés financiers (AMF) has given the green light for the takeover of the French vehicle rental specialist by a consortium led by the German car manufacturer. An offer was filed with the AMF last September, at a price of 0.50 euros per share. For this transaction, Volkswagen joined forces with Attestor Limited and Pon Holdings BV.
“Volkswagen, which leads the consortium, is a long-standing business partner of our group, Pon is an expert in international mobility services and Attestor, with its capabilities to support transformations, has been a key partner in our financial restructuring. “, declared at the end of July Alexandre de Juniac, the chairman of the board of directors of Europcar.
This return of Europcar to Volkswagen’s orbit will allow it to regain serenity. The Covid-19 crisis has particularly hit the vehicle rental company. In 2020, Europcar recorded a net loss of 644.8 million euros and suffered a 45% drop in revenue to 1.76 billion euros. On the stock market, the title which was still evolving at more than 4 euros in February 2020 is currently worth 51 cents.
To survive, the group had to go through a heavy financial restructuring, which made it possible to convert more than one billion euros of debt into capital and to inject 250 million euros of equity.
Recently, Europcar raised its 2021 targets, saying it anticipates corporate Ebitda (pre-IFRS 16) of over 170 million euros and corporate debt in a range between 230 and 280 million euros. However, he said he expected “some headwinds in 2022 compared to his initial recovery path.”
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