Avis giants unite in £636m deal

The US car hire giant Avis Budget is to buy its European counterpart in a £636m deal that reunites the two businesses after 25 years. The swoop for the London-listed Avis Europe, which operates the Avis and Budget brands in Europe, Africa and the Middle East, already has the support of the Belgium-based motoring group D'Ieteren, which owns 60 per cent of the company.

Avis Europe separated from Avis in 1986 and tripled in value over the following three years before reverting to private ownership under D'Ieteren, General Motors and Avis. It floated on the London Stock Exchange for the second time in 1997. Avis Budget said the deal would help it to target markets such as India and China.

In 1946, Warren Avis opened the world's first airport car-rental location at Willow Run Airport, Detroit, with just three cars in the fleet. It founded its European division in 1965.

Independent Comment
blog comments powered by Disqus
News in pictures
World news in pictures
       
iJobs Job Widget
iJobs Money & Business

Fidessa Analyst / PM - Banking - London - £600pd

£550 - £600 per day: Orgtel: Fidessa Analyst / PM - Banking - London - Up to £...

Sourcing Manager - Banking - London - £500pd

£450 - £500 per day: Orgtel: Sourcing Manager - Banking - London - Up to £500p...

School Finance Assistant (part-time, term-time only)

To be discussed at interview.: Queen Elizabeth's School: An experienced and ef...

Java Developer - Munich OR Milian

£294.05 - £330.92 per day + 150 per day travel and accommodation: Orgtel: A le...

Day In a Page

The price of pacifism: Refusing to go to war is finally being recognised as a brave act

The price of pacifism

From the Second World War refusenik to the 19-year-old Israeli, Holly Williams talks to five people who risked shame and suffering to take a stand as conscientious objector.
'It was mass hysteria': Jason Isaacs on groupies, theatre bores and snogging James Bond

Jason Isaacs: Groupies, theatre bores and James Bond

To millions, Jason Isaacs is one of Harry Potter's arch enemies – but his wife prefers him as a Scottish TV detective.
Notes from a small island: Is Sealand an independent 'micronation' or an illegal fortress?

Sealand: 'Micronation' or illegal fortress?

Thomas Hodgkinson spent a week at the tiny platform off the Suffolk coast to find out.
Not a bad bone: Mark Hix cooks with cutlets and ribs

Mark Hix cooks with cutlets and ribs

If you ignore cutlets and ribs, you'll risk missing out on some delicious and easy meals, says our chef.
Sir James Dyson’s latest project: Cleaning up hospitals

Sir James Dyson’s latest project: Cleaning up hospitals

Doctors are hailing the revamp of a Bath neonatal unit, where babies sleep more and feed better, as the model for patient care
One man returns to Argentina's town that drowned

One man returns to Argentina's town that drowned

Epecuen was submerged under 10 metres of water in 1985. Now the floods have gone – and 83-year-old Pablo Novak has moved back in
The real thing? Historian publishes Coca Cola's 'secret formula'

The real thing?

Historian publishes Coca Cola's 'secret formula'
Gordon Ramsey's worst nightmare: A restaurant he cannot save

Gordon Ramsay's worst nightmare: A restaurant he cannot save

The pugnacious chef finally met a shambolic restaurant he couldn't save. John Walsh on when TV makover refuseniks fight back
Join Ryanair! See the world! But we're only paying you for nine months a year

Join Ryanair! See the world! But we're only paying you for nine months a year

Glamorous myth of the flight attendant lifestyle undermined by angry employee's claims of 'exploitation'
Braising saddles: Did the recent furore scupper sales of horse meat? Neigh, far from it!

Braising saddles: How to cook horse meat

Did the recent furore scupper sales of horse meat? Neigh, far from it! Will Coldwell hoofs it to the kitchen.
Why bitters are back on the bar: A few little drops pack a big punch in cocktails

Why bitters are back on the bar

A few little drops pack a big punch in cocktails. No wonder we're learning to love them again...
The 10 Best barbecues

The 10 Best barbecues

Whether you're cooking on gas or are a convert to charcoal we've got the perfect way to cook when the sun is out.
Style icon David Beckham calls time on his long retirement

Style icon calls time on his long retirement

David Beckham never disgraced himself but former England captain ceased to be a major player years ago. Remember him at his United peak
Steve Harper: My darkest times

Steve Harper: My darkest times

As the popular Newcastle goalkeeper bows out after 20 years at the club, he tells Martin Hardy about the private battle with depression that threatened his career
Sir Torquil Norman has designed a flat-pack OX truck for the developing world

The flat-pack truck with big ambitions

After making a fortune from Polly Pocket and a doll's house shaped like a teapot, the entrepreneur has turned his creativity to a transporter truck for the developing world. Simon Usborne meets him.