Activist investor Carl Icahn boosted his stake in car rental company Hertz Global Holdings Inc. ahead of a planned separation of its car-rental and equipment-rental businesses.

Shares rose 2.8% to $11.07 in premarket trading as Mr. Icahn raised his stake to 15.24% from 15.01%, according to regulatory filings.

According to the filings, Mr. Icahn bought 983,929 shares last week, raising his total to 64.7 million shares.

According to FactSet, Mr. Icahn started building his stake in August of 2014 when shares were priced at more than $20.

On Monday, Hertz detailed the planned separation of its car-rental and equipment-rental businesses. Shareholders with 15 shares will end up with three shares in the car-rental business and one share in the equipment-rental business when the deal is completed.

The company announced that two people associated with activist investor Carl Icahn would be on the board of the equipment renter.

Three associates of Mr. Icahn now serve on Hertz's nine member board.

Hertz, which operates its namesake brand as well as Dollar and Thrifty, has been trying to turn things around. In recent years, the company has named a new chief executive and restated years of results.

Write to Austen Hufford at austen.hufford@wsj.com

(END) Dow Jones Newswires

June 07, 2016 09:55 ET (13:55 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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