Your Source for Up-To-Date News and Research on the Collision Repair Industry
click here to subscribe to the FREE INSIGHT Editor's Desk News Alert Email
SUBSCRIBERS-ONLY
Today's News
INSIGHT This Month
INSIGHT Archives
Survey Center
Letter to the Editor
Business Tools
Subscription Information
CSI Reporting
Financial Analysis
IRS Audit Guide
Management/
Technical Info
Market Watch Rates
INSIGHT Inside this month's issue...
Feedback
Letter to the Editor
Tuesday March 13
Hertz Becomes Wholly Owned Subsidiary of Ford Motor Company
DEARBORN, Mich. -- Ford Motor Company has announced that the merger of The Hertz Corporation with a Ford subsidiary has become effective. As a result, Hertz is now an indirect, wholly owned subsidiary of Ford.
Ford reached an agreement with Hertz in January to acquire the remaining 18.5 percent of Hertz Class A common stock it did not already own at a price of $35.50 per share. A tender offer for the shares expired March 2, and resulted in about 19.3 million of the approximately 20 million publicly traded shares of Hertz Class A common stock being purchased.
The New York Stock Exchange has suspended trading in Hertz as of March 12.
Ford Motor Company is the world's second largest automaker, with approximately 345,000 employees on six continents. Its automotive brands include Aston Martin, Ford, Jaguar, Land Rover, Lincoln, Mazda, Mercury and Volvo. Its automotive-related services include Ford Credit, Quality Care, and Hertz.
The Hertz Corporation, based in Park Ridge, N.J., is the world's largest car rental company and also operates a leading equipment rental business. Hertz operates in 143 countries from approximately 6,500 locations.
©2000 Collision Repair Industry INSIGHT
All Rights Reserved
FEATURED
LINKS:
INSIGHT Supports the NABC!
Do You?
