NEW YORK (AFX) - Conglomerate Loews Corp. said Tuesday it will sell 15 million shares of its Carolina Group stock in a public offering.
The announcement came hours after the company declared a 45.5-cent dividend on the stock. Loews' tobacco holdings are represented by its Carolina Group unit, whose Lorillard Tobacco makes Newport cigarettes.
J.P. Morgan Securities Inc. will run the public offering which is scheduled to close Aug. 18.
Shares of Loews rose 57 cents to close at $36.94 on the New York Stock Exchange. Carolina shares rose $1.11 to close earlier at $60.57, but fell $1.70, or nearly 3 percent, in after-hours activity on the INET electronic exchange.
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