Volvo Increases Stake in Hertz: Volvo North...

Volvo Increases Stake in Hertz: Volvo North America Corp. has agreed to buy an additional 6% of Park Ridge Corp., parent company of Hertz Corp., for $30 million in cash. The purchase will bring Volvo’s total stake in the car rental company to 26%. Volvo will acquire its new equity in Park Ridge from Ford Motor Co. The transaction is expected to close during June. Volvo bought its initial 20% stake in Park Ridge from Ford in August, 1988.