Industry News

Cendant completes spin-off of real estate company

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Cendant Corp. announced Monday that it has completed the spin-offs of real estate division Realogy Corp. and hospitality division Wyndham Worldwide Corp. as separate companies. The company distributed 100 percent of the common stock of its Realogy Corp. and Wyndham Worldwide Corp. subsidiaries as of the close of business today to Cendant stockholders of record as of July 21, 2006. Cendant distributed one share of Realogy common stock for every four shares of Cendant common stock outstanding as of the record date, and one share of Wyndham Worldwide common stock for every five shares of Cendant common stock outstanding as of the record date. Fractional shares of Realogy or Wyndham Worldwide common stock will not be distributed and any Cendant stockholder entitled to receive a fractional share will instead receive a cash payment, the company announced. The distributions have been structured to qualify as tax-free stock dividends to Cendant stockholders for U.S. federal income tax purpos...