NEW YORK--(BUSINESS WIRE)--April 11, 2006--Loews Corporation (NYSE:LTR) reported today that its Board of Directors declared a three-for-one stock split of Loews Common Stock, by way of a stock dividend, to shareholders of record on April 24, 2006. Each holder of record on that date will receive two additional shares of Loews Common Stock for each share owned. The new shares are expected to be issued on or about May 8, 2006.
In addition, the Company stated that its Board of Directors intends to increase the dividend payout rate on Loews Common Stock. The new dividend rate on the post-split shares would be $0.0625 per share per quarter, and if declared would become effective with the quarterly dividend scheduled to be declared May 8, 2006 and payable to record holders of Loews Common Stock on June 1, 2006. The new dividend rate would be the equivalent of increasing the annual dividend rate on pre-split shares of Loews Common Stock from $0.60 to $0.75 per pre-split share, which represent an increase of 25%.
Statements contained in this press release that are not historical facts are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements, including statements regarding future dividends on Loews Common Stock are inherently uncertain and subject to a variety of risks, including the Board's discretion not to declare future dividends or to declare future dividends at a reduced rate, that could cause actual results to differ materially from those expected by management of the Company.
CONTACT: Loews Corporation
Peter W. Keegan, 212-521-2950
Candace Leeds, 212-521-2416
Joshua E. Kahn, 212-521-2788
SOURCE: Loews Corporation