Loews Corp (LTR) To Spin-Off Lorillard
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Loews Corporation (NYSE: LTR) (NYSE: CG) approved a plan to spin off its entire ownership interest in Lorillard, Inc. to holders of its Carolina Group stock and Loews common stock in a tax free transaction. As a result of the transaction, Lorillard would become a separate publicly traded company.
The transaction would exchange Carolina Group tracking stock for shares of Lorillard.
Approval by shareholders of Loews is not required. The spin-off is expected to be completed in mid-2008.
The transaction would exchange Carolina Group tracking stock for shares of Lorillard.
Approval by shareholders of Loews is not required. The spin-off is expected to be completed in mid-2008.
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