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美元节俭的交易促进租赁汽车价格

达拉斯( 美联社 ) --当受缓慢经济的影响团体旅游者出游,许多度假者仍然租借汽车。 那就为什么赫兹和阿维斯为美元节俭而斗争,一条以低利率而闻名产业链来吸引空闲的旅行者。

美元节俭汽车团体公司已经接受赫兹公司最近关于产业链的大约1.56十亿美元的投标。 那将比阿维斯提供的最新的最高的价格超过$1.3十亿。

任何人赢得美元节俭战斗的胜利,在假期租用汽车或运动型多功能车的人花费可能会增加。

一名亚芬达公司的分析家佛瑞德洛伦斯,说车辆数目是赫兹与美元节俭合并提供的,数字可能比现有两家公司的车队数量要少。 这可能导致承租人支付更高的价格。

洛伦斯说“你将快速从这一系统中出来,像我们所看见的航空业,以及当时旅行需求反弹时,你将有可能看见一些增加”。

汽车评论网的乔纳森温伯格,他负责追踪租赁业务,他说汽车租贷人一直蒙受标价冲击波因为经济衰退迫使公司削减车队升级并保持车使用更长时间。

“所以结果你花的更多但得到的车更旧”,他说。

租赁业在2007年收入达到这高峰30十亿美元。 在航空旅行萧条后,主要租车顾客的来源在随后一年明显的下降。 根据台经院产经资料库的公司研究,在这一年收入粗略估计到达25十亿美元。

台经院产经资料库说,企业控制大约百分之37的美国的市场,其后是百分之20的赫兹,阿维斯预算大约在百分之17,美元节俭在百分之7以下。

近几年行业一直稳固。 阿维斯以及预算在2006年从母公司阿维斯预算集团公司分离,而企业在2007年购买了阿拉莫公司。 赫兹现在想要把美元和节俭品牌加入其企业。

一位前赫兹高官,现纽约购物租车的顾问尼尔亚伯拉罕“美元节俭的价值完美地分割,补充到赫兹企业,涉及赫兹的保险业务和休闲商业。”

对于阿维斯,策略是简单的,亚伯拉罕说: “他们不想要赫兹得到美元节俭”,这会与阿维斯预算租赁这样品牌竞争。

赫兹争辩到如果阿维斯是购买美元节俭,阿维斯将拥有一半以上的市场价值,这可能使反垄断的调控者询问这样一种交易。 为了避免调控者阻碍自己的交易,赫兹可能出售其名下优势价值品牌。 但其优势远小于预算、以及美元节俭。

美元节俭在星期日晚些时候说,董事会接受了赫兹全球控股公司的新提议每股50美元,比4月提出的每股41美元有所升高。 根据赫兹的发言人说,包括限制性股票和职工优先股,提供的价值是$1.56十亿,。 新的提议包括43.6美元的现金,加上0.6366的赫兹普通股票和支付美元节俭的每股6.87美元,支付美元节俭的为特别现金股利在交易结束之前。

若赫兹退出,美元节俭将获得44.6百万美元的毁约分解费。 阿维斯上一次提出支付美元节俭1.3十亿美元的现金和股票,或者超过每股47美元。 一些美元节俭的股东抗议董事会拒绝阿维斯提议,但是董事会表示阿维斯提议缺乏分解费用,说充足的应对反垄断关注的策略。

总部设在俄克拉荷马州的塔尔萨的美元节俭,延迟了特别股东大会对于赫兹提议的投票,从星期四一直延期至九月三十日。

同时,信用等级评定机构穆迪投资服务公司,说由于可能的下滑,正在修订赫兹的全部等级,影响大约1.8十亿美元的贷款。 穆斯公司说,预期美元节俭的收购将会给赫兹带来明显的长期利润,但是他说就交易的资金而言赫兹要维持现有的信用级别的能力还要经受考验。

美元节俭股票上升$2.67,或者百分之5.4,定于$50.58。 当赫兹股票攀升79分,或百分之7.9,到10.84美元时,阿维斯股票攀升73分,或者百分之7.1,到10.95美元。


 
Dollar Thrifty deal could boost rental car prices

DALLAS (AP) -- While corporate travelers have been grounded by the slow economy, a lot of vacationers have still been renting cars. That says a lot about why Hertz and Avis are fighting over Dollar Thrifty, a chain known for lower rates that appeal to leisure travelers.

Dollar Thrifty Automotive Group Inc. has accepted Hertz's latest bid of about $1.56 billion for the chain. That would top Avis' latest offer of more than $1.3 billion.

Whoever wins the fight for Dollar Thrifty, renting a car or SUV on vacation might cost a bit more.

Fred Lowrance, an analyst with Avondale Partners, said the number of cars offered by a combined Hertz and Dollar Thrifty would be smaller than the two companies' current fleets. That could lead to higher prices for renters.

"You'll have some fleet coming out of the system, kind of like what we see with the airlines," Lowrance said, "and as travel demand comes back, you'll probably see some increases."

Jonathan Weinberg of AutoSlash.com, which tracks the rental business, says car renters have been suffering sticker shock because the recession forced the companies to cut back on fleet upgrades and keep cars longer.

"So you end up paying more and you get a car that's older," he said.

The rental business peaked in 2007 at $30 billion in revenue. It struggled after air travel -- a primary source of rental-car customers -- slowed significantly the following year. Revenue should reach roughly $25 billion this year, according to research firm IBISWorld.

Enterprise controls about 37 percent of the U.S. market, followed by Hertz at 20 percent, Avis Budget at 17 percent, and Dollar Thrifty at under 7 percent, says IBISWorld.

The industry has been consolidating for several years. Avis and Budget were spun off by their former owner as Avis Budget Group Inc. in 2006, and Enterprise bought National and Alamo in 2007. Now Hertz wants to add the Dollar and Thrifty brands to its business.

"The Dollar Thrifty value segment perfectly complements Hertz's business, which is premium business and leisure," said Neil Abrams, a former Hertz executive and now a rental car consultant in Purchase, N.Y.

For Avis, the strategy is simple, Abrams said: "They don't want Hertz to get Dollar Thrifty," which competes against Avis' Budget Rent A Car brand.

Hertz argues that if Avis were to buy Dollar Thrifty, it would control more than half the value market, which could cause antitrust regulators to question such a deal. To avoid any regulatory hurdles for its own deal, Hertz is conducting a sale of its Advantage value brand. Advantage is far smaller than Budget, Dollar and Thrifty.

Dollar Thrifty said late Sunday that its board accepted Hertz Global Holdings Inc.'s new offer of $50 per share, up from the $41 per share it offered in April. Including restricted stock and stock options, the offer is worth $1.56 billion, according to a Hertz spokesman. The new offer includes $43.60 in cash plus 0.6366 of a share of Hertz common stock and $6.87 per share to be paid by Dollar Thrifty as a special cash dividend before the deal closes.

Dollar Thrifty would get a $44.6 million reverse breakup fee if Hertz backs out. Avis' last offer for Dollar Thrifty was $1.3 billion in cash and stock, or more than $47 per share. Some Dollar Thrifty shareholders protested the board's rejection of the Avis offer, but the board discounted the Avis offer for lack of a breakup fee and said it didn't adequately address antitrust concerns.

Dollar Thrifty, headquartered in Tulsa, Okla., delayed a special shareholders meeting to vote on the Hertz offer from Thursday until Sept. 30.

Credit rating agency Moody's Investors Service, meanwhile, said it is reviewing all its ratings on Hertz for possible downgrade, affecting about $1.8 billion in debt. Moody's said it expects the Dollar Thrifty acquisition to bring significant long-term benefits to Hertz but said it is concerned that the funding for the deal could put a strain on Hertz's ability to maintain its current credit profile.

Dollar Thrifty shares rose $2.67, or 5.4 percent, to $50.58. Avis shares climbed 73 cents, or 7.1 percent, to $10.95, while Hertz shares gained 79 cents, or 7.9 percent, to $10.84.


 

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