A consortium of Clayton Dubilier & Rice, Carlyle Group and Merrill Lynch Global Private Equity is understood to be close to buying car rental firm Hertz from Ford for between $5.5bn (€4.43bn) and $6bn. A deal could be agreed as soon as tomorrow.

It has reportedly defeated a rival private equity group which includes Bain Capital, Blackstone Group, Texas Pacific Group and Thomas H. Lee in a close fight.