By an overwhelming margin, shareholders of Sears, Roebuck and Co.Friday approved spinning off Allstate Corp. in what would be thelargest corporate divestiture in U.S. history.
More than 80 percent of outstanding Sears shares were cast infavor of the $10 billion spin-off at a special meeting Friday at theChicago Historical Society.
Sears hopes to hear from the Internal Revenue Service later thisspring on whether the spin-off would be considered tax-free toshareholders. As planned, each Sears shareholder this summer wouldreceive an estimated 0.93 share of Allstate common stock for eachSears share owned.
Divesting the stake in Northbrook-based Allstate is …
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