Controlling interest in Avis, Inc., the nation's second largest car rental firm, has been bought by Lazard Freres and Co., New York investment bankers.
Avis had been controlled by Amoskeag, a Boston holding company, which had held 910,000 of 1,373,303 outstanding shares of Avis common stock. Lazard Freres declined to say whether all Amoskeag holdings were acquired, or to disclose terms of the transaction. Amoskeag also held warrants to purchase 133,900 additional shares of Avis.
Named board chairman of Avis was John T. Cahill, New York lawyer. JR. C. Townsend, a former American Express Co. executive, took over as president.
Townsend replaced Frederick C. "Buck" Duinaine Jr., one time president of the New Haven R. R. The Duinaine family controls Amoskeag.
A spokesman for Lazard Freres said that Avis will show a loss of about $700,000 for the six months ended February 28th. He said more money will probably have to be pumped into Avis and that Avis stockholders "will have the opportunity to participate in such financing."
Avis, which has about 1,900 car and truck rental and leasing locations in the U. S. and abroad, lost $478,000 in the fiscal year ended August 31, 1960 and $1,381,003 in the fiscal year ended August 31, 1961, when work stoppage hurt operations.
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