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Spinoff at Hertz

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Shares of the car rental company Hertz Global Holdings, Inc. (NYSE:HTZ) are advancing this morning on reports from the Financial Times that the company is in the process of spinning off its construction equipment rental business. Hertz is expected to value the unit at $4.5 billion. For the first three quarters of 2013, the construction equipment rental business generated combined revenue of $1.1 billion. This move by Hertz was in reaction to investors demanding an increase in the company’s free cash flows.