Industry News

Cendant announces investor meetings for real estate spin-off

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Cendant Corp. today announced that company officials are meeting with institutional investors in connection with the planned spin-off of Realogy Corp., a new company that will incorporate Cendant's real estate-related operations. Cendant's board of directors is expected to declare the dividend of Realogy Corp. common stock during the week of June 5, according to the announcement. "It is expected that Realogy common stock will begin trading on the New York Stock Exchange on a 'when issued' basis in mid-June and as a separate public company by the end of June," the company also reported. Cendant's Real Estate Services Division, which will become Realogy Corp. upon completion of its spin-off from Cendant, is the world's largest residential real estate brokerage franchisor, the largest U.S. residential real estate brokerage firm, a provider of relocation services, and a provider of title and settlement services. Cendant's real estate brands include Century 21, Coldwell Banker, Coldwell B...