Over-Sixt

6 January 2006 By Nina Koeppen

The German car rental firm has joined buyout house Apax in an audacious bid for its larger rival. That may help it pay the highest price. But the pair will also have to agree on a workable strategy, including getting around the antitrust authorities. That could prove tough.

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Volkswagen has received six offers for its car rental subsidiary Europcar, sources said.

The carmaker's supervisory board is currently reviewing all options for Europcar, including the sale of the business and an initial pubic offering.

Smaller rival Sixt has made an offer for Europcar – Europe's largest car rental agency with the support of private equity group Apax Partners, the Financial Times said. Sixt and Apax both declined to comment.

US car rental firm Enterprise, Carlyle and Merrill Lynch Global Private Equity are also believed to be among the bidders. Carlyle, Merrill and Clayton Dubilier & Rice last year jointly acquired Hertz, the world's largest car rental group, for about $15bn, including the assumption of almost $10bn in debt.

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