NEW YORK, Dec 7, 2004 (BUSINESS WIRE) -- Loews Corporation (NYSE:
LTR; CG) announced today that it has agreed to sell 10,000,000 shares
of its Carolina Group stock in a public offering through Citigroup
Global Markets Inc. and Morgan Stanley. The net proceeds will be
allocated to the Loews Group and used for general corporate purposes.
The closing of this transaction is scheduled for Monday, December 13,
2004, subject to customary closing conditions.
This press release does not constitute an offer of any securities
for sale. A prospectus, when available, can be obtained from sales
representatives of Citigroup at Brooklyn Army Terminal, 140 58th
Street, 8th Floor, Brooklyn, New York 11220, (718) 765-6732, or Morgan
Stanley at Prospectus Department, 1585 Broadway, New York, New York
10035, (212) 761-6775.
The Carolina Group stock, commonly called a tracking stock, is
intended to reflect the economic performance of a defined group of
assets and liabilities of the Company, referred to as the Carolina
Group. The principal asset attributed to the Carolina Group is the
Company's stock in its wholly owned subsidiary, Lorillard, Inc. The
Carolina Group is a notional group intended to reflect the performance
of a defined set of assets and liabilities. The Carolina Group is not
a separate legal entity. The Loews Group represents all of the assets
and liabilities of the Company other than the percentage of the
Carolina Group represented by the Carolina Group stock.
Statements about future results made in this release constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are based
on current expectations and the current economic environment. The
Company cautions that these statements are not guarantees of future
performance. Actual results may differ materially from those expressed
or implied in the forward-looking statements. Important assumptions
and other important factors that could cause actual results to differ
materially from those in the forward-looking statements are specified
in Loews's Form 10-Q for the quarterly period ended September 30,
2004.
SOURCE: Loews Corporation
Loews Corporation
Peter W. Keegan, 212-521-2950
OR
Investor Relations:
Joshua E. Kahn, 212-521-2788
OR
Candace Leeds, 212-521-2416
