In Short

A round-up of the day's other news stories in brief.

Ford to sell Hertz for $5.6 billion

Ford Motor has agreed to sell its rental subsidiary Hertz to a private equity group for $5.6 billion (€4.6 billion) in an effort to strengthen its finances as it struggles with stiffening competition and rising costs.

Ford plans to sell all of its Hertz shares to a private equity group composed of Clayton Dubilier & Rice, Carlyle Group and Merrill Lynch Global Private Equity.

Including debt, Ford valued the transaction at $15 billion, and said it expected the deal to close by year end.

Ford acquired Hertz in 1994, then offered 18.5 per cent of its shares for public sale on the New York Stock Exchange in 1997. Ford repurchased Hertz shares in 2001. - (Reuters)

William Hill begins Irish rebranding

British bookmaker William Hill says it will soon begin rebranding the 51 Irish betting offices it acquired from Stanley Leisure earlier this year.

The company bought Stanley's entire estate of betting shops for €730 million in May, making it the fourth largest player in the Republic's market with 51 shops. There was some speculation that the chain would sell the Irish outlets, but last week it made it clear that it intended staying.

Petrel agrees deal in Jordan

Petrel Resources said yesterday it had reached an agreement with the Jordanian authorities on sharing production from an exploration block in East Jordan.

The agreement on the West Safawi block involves seismic work and exploration wells. It is subject to approval by the Jordanian parliament and royal assent.

DIY group to create 20 jobs

McLoughlins, the north Dublin-based hardware and DIY distributor, is to create 20 jobs following an investment of €10 million in a new corporate headquarters and distribution centre at Northern Cross Business Park in Finglas.

McLoughlins, which distributes brands such as Ryobi, Gardena, Sankey and Jeyes, was established in 1958 by Michael McLoughlin, late father of current owners, Padraig and Kieran McLoughlin. The company employs 70 people and will be increasing its workforce to 90 over the next 18 months.

EU/US meet on financial rules

US and European regulators meet today in Brussels to try to progress towards the creation of a more coherent regulatory framework for transatlantic financial services.

Representatives from the US treasury, Federal Reserve and the Securities and Exchange Commission will consider with senior EU finance ministry officials and regulators the next steps in a transatlantic dialogue in financial services. One of the items on the agenda will be the regulatory framework.

The industry has been pushing for change. Last week, six powerful industry organisations, including both the American and British bankers' associations, urged regulators in the US and EU to create a more coherent framework for transatlantic business. - (Financial Times Service)

Switchers to 3 can keep old numbers

Third generation mobile network, 3, yesterday said that it could offer full number portability to customers in the Republic. The development means that customers of existing networks can switch to 3 and keep their old number.