The Cendant demerger looks set to be the first in a series of US corporate break-ups. Tyco, the industrial conglomerate, has announced plans to split into three, while Time Warner, the media group, has also faced pressure to abandon its diversified structure.

But Cendant's plans are the most advanced. If all goes well, the IPO of Realogy will be closely followed by that of Wyndham Worldwide, which will house Cendant's hospitality assets, including the Days Inn hotel franchise. The two flotations will leave two businesses to be spun out: travel distribution and car rentals.