FRANKFURT, (Reuters) – A Volkswagen-led consortium has applied for antitrust clearance at the European Commission. It said Tuesday that the bid was made to purchase Europcar. The company also confirmed that the transaction is expected to close by June.

EU antitrust clearance is still the biggest obstacle to the tender, according to the consortium which includes Pon Holdings BV and Attestor Limited asset manager.

Europcar was valued at €3.1 billion by the consortium that launched its bid in July. If 90% of the shareholders accept it, then the offer price per share can go up to 0.01 euro.

Europcar shares currently trade at 0.502 a share.

The deadline for the Commission to make a decision following the preliminary review has been extended until May 25,

($1 = 0.9260 euros)