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Letter to the Editor
Monday December 2
Societe Generale to Acquire Hertz Lease European Operations from Ford
Societe Generale has agreed to acquire the European operations of vehicle lease financing company Hertz Lease from Ford Motor Company. Financial terms weren't disclosed.Societe Generale will merge the acquired business with its ALD Automotive subsidiary in January 2003, pending regulatory approval, the French bank said.
Following the acquisition, ALD Automotive will be Europe's Number 2 vehicle leasing company, with a 6 percent market share, Societe Generale said, behind Number 1 LeasePlan, a unit of Dutch bank ABN Amro Holding NV , and ahead of French rival BNP Paribas' Arval PHH.
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