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Societe Generale to Acquire Hertz Lease in Europe

December 2, 2002

Societe Generale announced on Dec. 2, 2002, that it has agreed to acquire the European operations of Hertz Lease, which has subsidiaries in 17 countries with 180,000 vehicles under contract. Although financial terms were not disclosed, Reuters reported that the acquisition was worth 150 million euros ($US 148 million). Societe Generale will merge the acquired business with its ALD Automotive subsidiary in January 2003, pending regulatory approval, the French bank said.
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