Sixt Says Speculation About Talks to Buy Hertz Is ‘Baseless’

(Bloomberg) -- Sixt SE denied speculation the German car rental company is in advanced talks to buy smaller U.S. rival Hertz Global Holdings Inc.

Unsubstantiated reports about Sixt holding advanced talks with Hertz are “baseless” and wrong, the Pullach, Germany-based company said Thursday in an emailed statement.

Sixt pared earlier gains of as much as 3.1 percent after Bloomberg reported the denial. The shares were up 1.6 percent at 9:49 a.m. in Frankfurt, giving the company a market value of 3.6 billion euros ($4.1 billion).

The company has been expanding rental stations to more cities in the U.S., diversifying its Europe-focused business.

Hertz had gained 7 percent on Wednesday, reaching a three-month high, after rumors circulated on Twitter about an approach. Hertz, with three-quarters of its revenue generated in the U.S., earlier this month reported its biggest quarterly profit in three years.

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