FRANKFURT – Volkswagen, DE: is confident that its 2.9billion euro (3.3billion) bid for France’s Europcar was fair. This statement came from a top executive, who poured cold water on any hopes of a more lucrative offer.

Christian Dahlheim of Volkswagen Group Sales, one of the key architects of this deal and head of sales, said that there is a premium for takeovers of between 30-40% depending on the point.

Volkswagen is offering 0.50 euros per share in Europcar along with Attestor Limited, the Dutch mobility group Pon Holdings BV and asset manager Attestor Limited. This could increase to 0.01 euros per share if 90 percent of shareholders accept this offer.

Europcar shares currently trade at 0.508 Euros apiece.

Europcar’s offer was announced on Friday July 31st, and is still open for tender.

Europcar shareholders representing 68% have already committed to tendering their shares, giving the consortium full control over the car rental business under French takeover laws.

“We plan to enter the mobility industry in the near-term.” Dahlheim indicated that Europcar’s acquisition was clearly the best option.

Green Mobility Holding, the consortium is looking for a squeeze out to accelerate its implementation of strategic plans, he stated.

The company plans to use Europcar’s extensive international network of over 140 countries to promote its lucrative mobility services.

Dahlheim explained that Europcar was being purchased because he believes it can be developed to a strong basis for expanding mobility offers. He also said that European antitrust authorities would approve the transaction in the first quarter of next year.

Dahlheim stated that investments for future growth would be made from Europcar cash flows.

($1 = 0.8897 euros)