WASHINOGTON, D.C., June 14 (UPI) -- Financially ailing Ford Motor Co. has begun the process of selling its Hertz Corp. rental-car unit, estimated to be worth as much as $6 billion.
Hertz filed for an initial public offering as the automaker looks for ways to bolster its finances, the Wall Street Journal reported Tuesday.
Its Securities and Exchange Commission filing said Ford intends to sell its remaining interest in Hertz after the rental-car company's IPO. Analysts value Hertz from $4 billion to $6 billion.
Ford appears ready to sell Hertz off in stages, with a partial IPO followed by a secondary IPO or a potential distribution of the remaining shares to Ford stockholders, said Brian Johnson, an auto analyst at Sanford C. Bernstein, an investment-research firm.
