Hertz sale close

FORD

Ford Motor Co. is close to selling its Hertz Corp. rental- car division, a move that would help the struggling auto maker raise cash, two executives familiar with the negotiations said. Ford is expected to sell Hertz to one of two competing groups of corporate buyout firms but hasn’t selected which one, according to the executives, who requested anonymity. Hertz could sell for as much as $ 15 billion ( U. S.). $ 44.2 million as it booked a gain of $ 24.2 million on the sale of Wajax Income Fund units. Profit for the three months ended Aug. 6 amounted to $ 1.12 a share, up from 67 cents a year earlier. Revenue for the period was $ 3.36 billion, up 9.4 per cent. The Stellarton- based firm said its earnings before the capital gain and other items were $ 49.6 million and amounted to earnings per share of 75 cents. Finance Minister Ralph Goodale said Ottawa was willing to discuss provincial proposals for a drastically decentralized system, a so- called “ passport” model, where the country would keep 13 provincial and territorial securities commissions that recognize each other’s decisions.