BERLIN -- Volkswagen Group-led consortium Green Mobility Holdings has acquired 87.38 percent of France's Europcar, enough to give it control over the car rental group but below its targeted 90 percent threshold, Volkswagen said on Wednesday.
Shareholders have the option to tender their stock until June 29, the automaker said.
Volkswagen and its consortium partners, asset manager Attestor Limited and Dutch mobility group Pon Holdings, are offering 0.50 euros ($0.52) per share for Europcar, topped up by 0.01 euro per share if 90 percent of shareholders take up the bid.
The consortium is targeting a squeeze-out to give it higher leverage for strategic decision-making, but only needed at least 68 percent to have control over the company under French takeover laws.
"The remaining minority shareholders of Europcar now have their last chance to take a highly attractive offer," Christian Dalheim, chief executive of Volkswagen Financial Services, said.