Hertz bought its rival for US $2.3 billion

After trying for two years, the leader in car rental arrived at a definitive agreement with Dollar Thrifty

Hertz will pay 87.5 dollars in cash for each of the actions of Dollar Thrifty, implying a rise of 8% over the closing price of the last on Wall Street Friday, as both companies in a statement which can be seen in the Hertz web site detailed. We must remember that the acquired company was trading for under US $ 1 per share in March 2009.

The agreement, approved by the boards of Directors of both companies, includes also the sale of the subsidiary of Hertz Advantage Rent a Car Franchise Services of North America and Macquarie Capital, firms with what hope to avoid obstacles of regulatory authorities by any competition problems.

"We are delighted to have finally reached an agreement with Dollar Thrifty after a long, Although deserved, persecution", said the President and CEO of Hertz, Mark Frissora, who described the Pact as "best strategic for both companies".

This operation closed at 2.3 billion dollars, more than double what the signature buyer offered two years ago, will allow Hertz to secure second place in the American market.

In this sense, Frissora stressed that the transaction provides Hertz's two new well-established brands and "a wide range of rental offers" not only in United States but also in Europe and other markets, "thanks to the strong international presence" of Dollar Thrifty.

"Hertz you made an attractive offer to our shareholders, which reflects the strong points of our activity and our team," said the Chief Executive of Dollar, Scott Thompson. And he added that "Hertz is our logical partner and has resources to expand our brands in key markets".

The combined company will have a gross operating (ebitda) of $ 1.8 billion and a total of 10,000 offices around the world. The transaction will result in a savings of about $ 160 million annually for Hertz, thanks to the synergies that will result from it.

Two years ago the first offering,

Hertz had launched an initial offering of US $1,200 million Dollar Thrifty in April 2010, and since then presented several proposals improved. But all these were found with the rejection of the shareholders of the company, so even he came to announce that it renounced its attempts of absorption.

The firm not only faced the refusal of the shareholders of Dollar Thrifty, but also to the competence of his great rival Avis Budget, which offered $ 1.5 billion for her and even reached an initial agreement, but finally desisted in their attempts at the end of last year in 2010.

At the global level, this could have been the last merger of large companies of car rental United States accept regulators.

This is due to Hertz, Enterprise Rent-A-Car and Avis concentrated around 75% of the market, with the Dollar Thrifty has barely 5% according to a report from the consulting firm IBISWorld.

Catalonia requests a ransom of € 5 billion

One of the regions rich of Spain requested the Government of Mariano Rajoy this sum to deal with its debt maturities.Valencia and Murcia had already asked the rescue

The regional Government of Catalonia reported that prompted 5,023 million euros to the Fund created by the central executive to help regions with financial problems, said his spokesman, Francesc Homs, after the catalan Council of Ministers.

The autonomous community is the Spain in terms of the gross domestic product (GDP) second behind Madrid and has the country's highest debt: 42 billion euros. This order will be used to pay the obligations facing in the second tranche of 2012.

Valencia and Murcia had already asked the Government of Mariano Rajoy. With a debt equivalent to 21% of its GDP, Catalonia must adjust the deficit of 3.9% which closed 2011 at 1.5% of GDP at the end of this year.

"(Self-government) Government decided to request to participate in the Fund's liquidity amounting to 5,023 million euros, without accepting conditions poiticas", said Homs.

In recent weeks, analysts had pointed to the first meeting of the Executive after the recess in the summer as the likely date for apply for membership to the Fund.

The Minister of economy of the catalan Executive, Andreu Mas-Colell, had anticipated this scenario: "the current situation is that Catalonia does not have another bank rather than the Spanish Government".

The Catalan community, whose capital is the rich Barcelona, faces maturities in the second half by 5.755 million euros, including the issuance of retail bonds that expires in November this year.

Despite expressions of spokesman Homs on does not accept political conditions in exchange for money from the central Government, the truth is that each community who wants to stick to the bottom of liquidity should modify his adjustment plan to ensure compliance with its objectives of stability and public debt, and must periodically to account for their Treasury movements, among other requirements.

Drafted decree by the Ministry of finance Spanish even provides that "when the General intervention of the administration of the State send a mission of control", the "internal organ" of the autonomous community will facilitate access to "the totality of documentation" that requires.

Phuket's Model Prison for 3000 Awaits Billion Baht Backing

PHUKET: A new billion-baht prison for Phuket would be built to international standards, contain cells rather than dormitories and end concerns about human rights, a meeting of senior officials heard yesterday.

Although the budget has yet to be agreed by Cabinet, the 108 rai for a new prison capable of holding 3000 inmates has been set aside at Bang Jo, in Phuket's east. The population at the present 115-year old Phuket Prison in central Phuket City has swollen to 2000.

Only a small number of prisoners are from countries outside Thailand and Burma but the new prison would ease concern, most recently expressed in the bid by Briton Lee Aldhouse to avoid extradition to Phuket to face a murder charge, that Thailand's prisons are substandard.

Local village chiefs, Vice Governor Jamleran Tipayapongtada , Minister of Justice Pracha Promnork and the Director of the Department of Corrections, General Suchart Wong-Ananchari joined Phuket Prison Commander Rapin Nichanon at the meeting at Mission Hills Resort in east Phuket.

Some of the present prison's initiatives, including a massage salon for the public, would be enhanced at the new facility, together with the sale of items made by prisoners as part of their rehabilitation.

''The old prison has no room for expansion so we are pleased that the concept of a new prison is being looked at more closely.'' said Khun Suchart. ''It will be Thailand's first international-standards prison.''

A maximum number of eight people will be in each cell. It was not made plain at the meeting whether prisoners on remand awaiting trial would be separated from those who have been convicted.

Commander Rapin said: ''We see this as an opportunity to end the antiquated system where prisoners must wear shackles to court and apply new technology.''

Samui, which already has some modern features, is to be looked at more closely for useful ideas.

Vice Governor Jamleran said: ''Moving the prison from central Phuket City is desirable because it's near a school and cannot expand.''

With the rapid expansion of Phuket and with more that 2000 prisoners already on Phuket, the only question could be whether a jail for 3000 takes account of the rapidly rising number of drug-related crimes.