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Ford to Buy Budget Rent A Car Corp. (Originated from Detroit Free Press)
Knight Ridder/Tribune Business News, July, 1996 by Adler, Alan L.
Jul. 12--Ford Motor Co. will buy financially troubled Budget Rent A Car Corp., giving it control of two of the nation's five biggest car rental companies, the automaker said Thursday. Ford declined to say how much it is paying.
The takeover of Budget will require federal approval because Ford already owns Hertz Corp., the nation's largest rental car company. Budget is bunched with National Rental Car System Inc. and Alamo Rent A Car in the 3-4-5 positions behind No. 2 Avis Inc.
Following its board of directors meeting, Ford also said it will:
Raise its quarterly common stock dividend to 38.5 cents from 35 cents, the fifth dividend increase in nine quarters. It still trails the 1989 record of 75 cents a share. Analysts expected a dividend hike in the...
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