Wyndham buys Shell Vacations for $102 million
(Reuters) - Hospitality company Wyndham Worldwide (WYN.N) said one of its units has bought privately held vacation company Shell Vacations LLC for $102 million in cash.
Wyndham Vacation Ownership will also assume $153 million of Shell Vacations' debt.
Shell Vacations, founded in 1978, manages 19 resorts in North America.
The deal is expected to add to Wyndham's earnings immediately.
Shares of the Parsippany, New Jersey-based company closed at $53.97 on the New York Stock Exchange on Thursday.
(Reporting by Mridhula Raghavan in Bangalore; Editing by Sreejiraj Eluvangal)
NEW YORK - U.S. stocks fell on Thursday, with the Dow and S&P 500 dropping for a fifth straight session after a round of mixed economic data left traders guessing as to when the Federal Reserve would begin to slow its stimulus program.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.