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Article: ALLETE Announces Decision to Spin-Off Its Automotive Services Business to Shareholders.
- Article from:
- Business Wire
- Article date:
- October 24, 2003
CopyrightCOPYRIGHT 2003 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors
DULUTH, Minn.--(BUSINESS WIRE)--Oct. 24, 2003
ALLETE, Inc. (NYSE:ALE) announced today that its Board of Directors has approved a plan to spin-off its automotive services business which will become a publicly traded company to be named ADESA Corporation. The spin-off is expected to take the form of a tax-free stock dividend to ALLETE's shareholders who will receive one ADESA share for each share of ALLETE stock they own. ALLETE has not yet finalized details of the spin-off.
The Board's decision was made after a lengthy review of strategic alternatives and reflects ALLETE's intention to create long-term shareholder value. To ...