Loews Corp (LTR) To Spin-Off Lorillard

December 17, 2007 6:40 AM EST
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.

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