Loews to spin off of Lorillard cigarette unit |
Reuters - Dec 17, 2007 |
Loews Corp on Monday said it plans to spin off its cigarette unit, Lorillard Inc, which makes Newport, Kent and Maverick cigarettes.
The spin-off would be accomplished by swapping shares of its Carolina Group tracking stock -- shares of Loews designed to track the performance of the cigarette assets -- for new common shares in a separate Lorillard company.
Loews -- whose businesses include financial, energy, hotel and watch-making companies -- is a New York-based conglomerate run by the billionaire Tisch family.
Holders of its Carolina Group stock would receive one share of common stock of Lorillard for each share of stock they own, and would hold about 62 percent of Lorillard.
Read Full Article from Reuters
- Posted: 2007-12-17 10:50:27
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