Europcar said to have rejected €2.2bn bid from Volkswagen

Europcar has reportedly rejected a €2.2bn bid from Volkswagen.

Bloomberg on Wednesday cited people familiar with the matter as saying that a consortium led by VW offered about 44 cents per share for Europcar earlier this month. However, Europcar was understood to have deemed the proposal too low. The price would represent a premium of about 12% to Europcar’s closing price on Tuesday.

According to Bloomberg, the German car maker is looking to gain access to Europcar’s infrastructure and technology in a bet on the future of mobility services. Sources told Bloomberg that VW isn’t planning to raise its offer, but that could still change.