Volkswagen Group is shifting nearer to a deal to purchase Europcar Mobility Group after gaining help from the automotive rental firm’s hedge fund backers with a sweetened provide, in keeping with folks conversant in the matter.

A consortium led by the automaker elevated its provide for Europcar to round 50-euro cents per share, or round 2.5 billion euros ($3 billion), the folks mentioned, asking to not be recognized discussing confidential info.

Whereas an settlement could possibly be reached as early as this week, phrases might nonetheless change and talks might also be delayed or collapse, the folks mentioned.

Negotiations are notably complicated given there are about 10 completely different stakeholders concerned, together with greater than half a dozen hedge fund traders in Europcar, they mentioned.

VW’s earlier provide with its companions Attestor and Pon Holdings BV of 44-euro cents a share was rejected a few month in the past by Europcar as too low.

A bid of fifty cents a share could be a premium of 27 p.c to Europcar’s share value on June 22, the day earlier than Bloomberg Information first reported on the preliminary bid.

VW is all in favour of getting access to Europcar’s infrastructure and expertise in a wager on the way forward for mobility companies. Whereas demand for rental automobiles has recovered as governments loosen virus-related restrictions, firms within the sector face long-term challenges from newer entrants providing ride-hailing and car-sharing.

Representatives for Europcar and VW declined to remark, whereas spokespeople for Anchorage, Attestor, Marathon and Pon couldn’t be instantly reached for remark.

If a deal is agreed, it will mark a reversal of types. VW took over Europcar within the late Nineties, then bought it to buyout agency Eurazeo in 2006 for 1.26 billion euros.

Late final yr, Europcar agreed to a debt restructuring and capital improve that worn out greater than 1 billion euros of debt and handed management of the corporate to a number of hedge funds together with Anchorage Capital Group and Marathon Asset Administration.