European car sales rose 4.3 percent in May, the ninth consecutive monthly gain, as a recovery in consumer confidence encouraged purchases of new models from Renault SA and Volkswagen AG following a six-year market slump.
Porsche SE , the sports-car maker that plans to merge with Volkswagen AG, has had a very high acceptance rate for its 5 billion-euro ($7.3 billion) rights offering, a person familiar with the matter said.
Avis Budget Group Inc. agreed to pay 636 million pounds ($1.04 billion) for Avis Europe Plc , the second-biggest car-rental company on the continent, possibly taking Avis Budget out of the bidding for Dollar Thrifty Automotive Group Inc.
Daimler AG cut Chief Executive Officer Dieter Zetsche’s pay 5.8 percent amid a reduction in managers’ bonuses as the world’s third-biggest maker of luxury cars fell behind competitors in sales and dropped profit goals.
Volkswagen AG, Europe’s biggest car manufacturer, backed off plans to name executives to MAN SE’s supervisory board to help facilitate regulatory clearance to merge the companies’ truckmaking operations with Scania AB.
Daimler AG Chief Executive Officer Dieter Zetsche in early 2013 had to face down critics to hang onto his job. A year later, his strategy is gaining traction, with Mercedes-Benz closing the gap with bigger German rivals.