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Non-Tech : Cendant Corporation (NYSE:CD) -- Ignore unavailable to you. Want to Upgrade?

To: Benkea who wrote (2967)	2/2/1999 9:28:00 AM
From: Paul Lee	Respond to of 3627

Cendant Corporation Increases Share Repurchase Program to $1.2 Billion; Cendant Board Authorizes $200 Million Increase in Stock Repurchase Program NEW YORK, Feb. 2 /PRNewswire/ -- Cendant Corporation (NYSE: CD) today announced that its Board of Directors authorized a $200 million increase in the Company's share repurchase program to $1.2 billion. Under the share repurchase program, which commenced in the fourth quarter of 1998, the Company has purchased about $950 million of Cendant common stock or approximately 48 million shares on the open market. As previously announced, the Company's excess financial resources, net income and potential proceeds from further asset sales for the foreseeable future will be devoted to retiring debt and equity, building shareholder value and maintaining appropriate credit protection. To date, the Company has reduced its primary shares outstanding by about 55 million shares or about 6.5% (including the 7.1 million shares acquired as part of the sale of Hebdo Mag International).