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Hertz Shares On The Move Following Report That Company Is Close To $4.5B Spinoff

Jake L'Ecuyer

Hertz (NYSE: HTZ) shares are getting a boost this morning after the Financial Times reported on Friday that the company was close to a $4.5 billion spinoff of its equipment rentals division.

The report is just now hitting the shares as it was released at 10:20 p.m. on Friday, giving investors a full weekend to digest the details. Hertz's rental unit accounts for $1.1 billion of the company's $8.2 billion in revenue in the first nine months of 2013 according to the report, and $207 million of its $1.3 billion of pre-tax profit.

While Carl Icahn has denied having a stake in the company, many on the street still believe he personally has bought shares, whether or not its for his fund. This rumor will likely continue to circle around the company on Monday's session, so keep an eye out for possible Icahn sightings on the major networks, which could send shares on a run.

Traders appear to be loving the news, with bidding shares up 8.55 percent in the pre-market to $28.20.

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