BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Chasing Value: Lorillard Inc. joins the S&P 500]]>http://www.bloggingstocks.com/2008/06/04/chasing-value-lorillard-inc-the-newest-sandp-500-member/http://www.bloggingstocks.com/2008/06/04/chasing-value-lorillard-inc-the-newest-sandp-500-member/http://www.bloggingstocks.com/2008/06/04/chasing-value-lorillard-inc-the-newest-sandp-500-member/#commentsFiled under: , , , , , ,

Loews Corp. (NYSE: LTR) just split out Lorillard Inc., which will trade under the ticker LO. Standard & Poors has announced that it will make Lorillard the newest member of the S&P 500, dropping Ambac (NYSE: ABK) from the index. (I mentioned this in early January when I posted Chasing Value: Loews Corp. has all the right pieces making it one of stock picks for 2008; for the latest on that, see Chasing Value: 8 stocks for 2008 -- May beats all).

The transaction will close as of trading on Tuesday, June 10. Lorillard is being distributed to the public via a two-tier process involving: 1) the retirement of the tracking stock Carolina Group (NYSE: CG), in exchange for which approximately 62% of Lorillard's common stock will be issued, and 2) an offer in which shares of S&P 500 constituent Loews Corp. can be exchanged for the remaining shares of Lorillard

It was a smart move by Loews company management to separate the tobacco company from its other interests in hospitality, oil exploration, real estate and insurance.

Continue reading Chasing Value: Lorillard Inc. joins the S&P 500

Chasing Value: Lorillard Inc. joins the S&P 500 originally appeared on BloggingStocks on Wed, 04 Jun 2008 15:33:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Chasing ValueChasingValueinthenewsLOLoews CorporationLoewsCorporationLorillard IncLorillardIncLTRSheldon LiberSheldonLiberWed, 04 Jun 2008 15:33:00 EST