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France’s financial market regulator AMF has approved Volkswagen’s proposal filed in September to take over Europcar Mobility Group.

Volkswagen, together with asset manager Attestor Limited and Dutch mobility group Pon Holdings, have proposed an offer price of 0.50 euro per share, valuing the car rental company at 2.9 billion euros.

VW said in a statement that the AMF will announce when the process of tendering shares will begin.