RCA Sells Hertz Unit to UAL
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United Press International
NEW YORK — The Hertz Corp., a subsidiary of RCA Corp., has been sold to UAL Inc. for $587,500,000 in cash, it was announced today.
The transaction, negotiated over a period of nine months, had been previously agreed to in principle on June 17 by directors of RCA and UAL, the parent company of United Airlines. Frank A. Olson will continue to serve as chairman and chief executive officer of Hertz, now a wholly owned subsidiary of UAL.
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