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Article: Allete to give car unit to shareholders; The new publicly traded company will be called Adesa Corp. and based in Indiana.(BUSINESS)(EARNINGS)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- October 25, 2003
- Author:
CopyrightCOPYRIGHT 2003 Star Tribune Co. 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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Byline: Terry Fiedler; Staff Writer
Responding to investor pressure to unlock value in its stock, Duluth-based Allete Inc., the parent company of Minnesota Power, announced Friday that it will spin off its automotive services business to shareholders.
The new publicly traded company will be called Adesa Corp. and have headquarters in the Indianapolis area, where the unit is based now. Allete shareholders are expected to receive one share of Adesa for each share of Allete they own in a tax-free transaction.
The spinoff is expected to be completed in mid-2004.
The move will effectively unwind a multi-year diversification effort by the ...