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Cendant focuses on growth from within

Real estate giant keeps busy with Sotheby's rollout

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Cendant Corp., which has defined itself with mammoth mergers and acquisitions, is curbing its appetite for super-size additions, executives said during a first-quarter earnings conference call today. Instead, Cendant officials said, they are looking to nurture the fruits of previous acquisitions with organic growth. "We do not need to acquire anything of massive scale," said Henry R. Silverman, Cendant CEO and president. But officials didn't rule out the possibility of smaller, tuck-in acquisitions, especially in the real estate brokerage and travel segments. Cendant, parent company of NRT, the nation's largest residential real estate brokerage company, is putting a lot of work into expansion plans for Sotheby's International Realty, a residential brokerage brand it picked up this year for a about $100 million. Cendant purchased U.S. residential brokerage operations of Sotheby's and 50 years' worth of licensing rights to the brand. Cendant's major real estate brands also include Centu...