The board of directors of Cendant Corp., New York, has authorized a $200 million increase in the company’s share repurchase program to $1.4 billion. Under the program, which began in the fourth quarter of 1998, the company has purchased about 59 million shares of Cendant common stock on the open market. To date, the company has reduced its shares outstanding by about 8%. The program is part of the company’s strategy to reduce debt and equity, build shareholder value and maintain appropriate credit protection.
