Volkswagen is in talks to take a stake in Pullach, Germany-based Sixt, according to a report in German business publication Manager Magazin that posted on Wednesday.
According to the report, VW is planning to take a 15% share, most likely split into ordinary and preferred shares, while Sixt is preparing a capital increase. The majority of the company is owned by the Sixt family, who manages the company. The remaining share is tradeable stock.
VW had reportedly tried to set up joint ventures with Sixt in recent years, particularly on a carsharing initiative. With Sixt selling its stake in carsharing service ShareNow to BMW in 2018, the door is open for new mobility initiatives with new automakers, the report said.
VW had been in talks to acquire Sixt’s European competitor Europcar Mobility Group, but the talks stalled as Europcar entered into debt restructuring negotiations.
The report did not include a timeline for the potential VW-Sixt deal.
Originally posted on Auto Rental News