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Ford to Acquire Remainder of Hertz

21 September 2000

Ford to Acquire Remainder of Hertz

    DEARBORN, Mich., Sept. 21 Ford Motor Company
announced today that it has proposed to acquire the 18.5 percent of The Hertz
Corporation outstanding stock that the automaker does not already
own through a merger transaction.
    In the proposed merger, the public shareholders of Hertz would receive $30
for each share of Hertz Class A common stock they own.  The $30 per share
price represents a premium of approximately 24 percent over the Sept. 20
closing price for Hertz stock as listed on the New York Stock Exchange
Composite Index.
    "Since the Hertz IPO in 1997, we have intensified our focus on becoming
the world's leading consumer company for automotive products and services,"
said Henry Wallace, Ford Motor Company chief financial officer.  "Hertz is one
of the world's strongest brands and an integral part of this focus.  Acquiring
the minority interest will support this strategy and enhance the operating
flexibility between us and Hertz."
    Ford's proposal is subject to approval of the Hertz board of directors,
the board's favorable recommendation to Hertz shareholders and the
negotiation, execution and performance of a definitive merger agreement.
    Ford is being advised by J.P. Morgan & Co., Inc. on the proposed merger
transaction.