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Hertz Sells $100 Million Stake in China Rental Company CAR Inc

Hertz Global Holdings Inc. sold a $100 million stake in CAR Inc., sending shares of the Chinese car-rental company that it invested in April 2013 lower.

CAR’s shares slumped as much as 7.3 percent in Hong Kong and traded at HK$12.88 at 10:08 a.m. Hertz had agreed to place 59.57 million shares to an undisclosed third party at HK$13.01 per share, representing a 5.6 percent discount to the closing price on Wednesday. Hertz still owns about 13.6 percent of the company after the sale.