Volkswagen makes $3.4 billion Europcar bet on mobility services

to launch a tender offer for the car rental company that values it at 2.9 billion euros including debt, Europe's largest carmaker said on Wednesday.

Shares in Europcar closed at 0.485 euros apiece on Wednesday. Sources had said a day earlier that a 0.50-per-share bid was being discussed.With the offer Volkswagen is betting on Europcar's vast international network in more than 140 countries, including a fleet of over 350,000 vehicles, as a way to sell lucrative mobility services.

Earlier this month, Volkswagen unveiled its new 2030 strategy, singling out software and services as one of the drivers of the global automotive market, which it reckons will more than double to 5 trillion euros by the end of the decade.In total, investors representing 68% of Europcar's shares have agreed to tender their stock, including Attestor, Anchorage, Centerbridge and Monarch, Volkswagen said.

Yeah! My tax euros going to waste while I'm watching...

nice

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