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One of the biggest corporate divorces in history was signed and sealed on Friday as shareholders approved the spinoff of Allstate Corp. by Sears, Roebuck and Co.
The deal, in which Sears will shed its 80 percent stake in Allstate in June or July, is worth around $10 billion at current stock prices. Sears had sold about 20 percent of the stock of Northbrook-based Allstate, the nation’s second-largest home and auto insurer, in 1993.
Sears founded Allstate in 1931 to sell auto insurance through its catalogs and stores.
