French regulator approves Volkswagen offer for Europcar, Volkswagen says

BERLIN - France's market regulator AMF has approved Volkswagen's proposal filed in September to take over Europcar Mobility Group, Volkswagen said on Tuesday.

Volkswagen, which has teamed up with asset manager Attestor Limited and Dutch mobility group Pon Holdings BV for the deal, proposed an offer price of 0.50 euro per share, valuing the car rental company at 2.9 billion euros ($3.4 billion).

The AMF will announce when the process of tendering shares will begin, Volkswagen said in an emailed statement.