Private equity firms Texas Pacific Group, Thomas H Lee Partners and Bain Capital are reported to be preparing a three-way bid for Ford Motor Company's Hertz rental car subsidiary. Hertz is thought to be worth around $5bn (€4.1bn) to $6bn, excluding around $8bn of debt.

The New York Post reports that two other buy-out firms, the Carlyle Group and Clayton, Dubilier and Rice, are also considering joining forces to bid for the rental car company, citing sources close to the process.