Volkswagen AG’s Acquisition Of Europcar

Freshfields Bruckhaus Deringer has advised Volkswagen AG on the deal.

Volkswagen AG made a takeover offer for Europcar Mobility Group (‘Europcar’). The automotive group will launch the takeover bid for the Euronext Paris-listed company in a consortium with London-based asset manager Attestor Limited and Dutch mobility provider Pon Holdings B.V. In an agreement with Europcar, the consortium has committed to an offer price of EUR 0.50 per share, rising to EUR 0.51 per share if more than 90 per cent of the share capital and voting rights are transferred. This corresponds to an implied enterprise value of EUR 2.9 bn. The takeover offer is subject to a minimum acceptance threshold of 67 per cent. The consortium has already received binding commitments to accept the offer from Europcar shareholders holding a total of 68 per cent of the shares outstanding.

The transaction is pending approval by the French stock exchange regulator AMF and the relevant antitrust authorities. It is currently contemplated that the tender offer will be filed with the AMF by the end of the third quarter 2021 and is expected to be completed in the course of the fourth quarter 2021 or first quarter 2022.

The Freshfields team comprised partners Rick van Aerssen (Picture), Hervé Pisani, Olga Stürmer (all Corporate/M&A), Fabrice Grillo (Finance), Martin Klusmann (Antitrust); Gwen Senlanne (People&Reward) and counsel Juliane Ziebarth (Antitrust and Trade). Further supported Arne Krawinkel, Arnaud Mouton, Joaquim Traoré, Sara Gwiazda, Frauke Thole, Cosmas Weigel, Maxim Gomer (all Corporate/M&A); Matthias Hofer, Lukas Treichl, Iris Amschl (all IP/IT/Data); Anne-Kathrin Bertke (People&Reward); Johanna Jansen (Antitrust) as well as other lawyers from the London, Madrid, Milan and New York offices.

On the side of Volkswagen, Sebastian Pläster, supported by Gudrun Letzel, was in charge of the corporate and capital markets law workstream. The antitrust workstream was led by Markus Erdmann, supported by Maylin Behm.

 

 

Involved fees earner: Iris Amschl – Freshfields Bruckhaus Deringer LLP; Anne-Kathrin Bertke – Freshfields Bruckhaus Deringer LLP; Maxim Gomer – Freshfields Bruckhaus Deringer LLP; Fabrice Grillo – Freshfields Bruckhaus Deringer LLP; Sara Gwiazda – Freshfields Bruckhaus Deringer LLP; Matthias Hofer – Freshfields Bruckhaus Deringer LLP; Johanna Jansen – Freshfields Bruckhaus Deringer LLP; Martin Klusmann – Freshfields Bruckhaus Deringer LLP; Arne Krawinkel – Freshfields Bruckhaus Deringer LLP; Arnaud Mouton – Freshfields Bruckhaus Deringer LLP; Herve Pisani – Freshfields Bruckhaus Deringer LLP; Gwen Senlanne – Freshfields Bruckhaus Deringer LLP; Olga Stürmer – Freshfields Bruckhaus Deringer LLP; Frauke Thole – Freshfields Bruckhaus Deringer LLP; Joaquim Traoré – Freshfields Bruckhaus Deringer LLP; Lukas Treichl – Freshfields Bruckhaus Deringer LLP; Rick van Aerssen – Freshfields Bruckhaus Deringer LLP; Cosmas Weigel – Freshfields Bruckhaus Deringer LLP; Juliane Ziebarth – Freshfields Bruckhaus Deringer LLP;

Law Firms: Freshfields Bruckhaus Deringer LLP;

Clients: Volkswagen AG;

Author: Federica Tiefenthaler