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Hertz Sets Terms

Hertz Global Holdings Inc., a Park Ridge, N.J.-based automobile and equipment rental company, has set its proposed IPO terms to 88.235 million common shares being offered at between $16 and $18 per share. This could make the deal worth up to $1.8 billion (including underwriters' options), compared to an original S-1 filing for $1 billion. Hertz plans to trade on the NYSE under ticker symbol HTZ, with Goldman Sachs, Merrill Lynch and Lehman Brothers serving as co-lead underwriters. Hertz was bought out from Ford Motor Co. last year for around $15 billion by Clayton, Dubilier & Rice, Carlyle Group and Merrill Lynch Global Private Equity.