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.

(Reporting by Victoria Waldersee; Editing by Mark Potter)