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THE ALLSTATE CORPORATION FILES INITIAL PUBLIC OFFERING OF 78.5 MILLION SHARES OF COMMON STOCK

 NORTHBROOK, Ill., March 17 /PRNewswire/ -- The Allstate Corporation filed today with the Securities and Exchange Commission a registration statement relating to a proposed initial public offering of 78.5 million shares of common stock.
 The planned offering will be made only by prospectus, in which 68.5 million shares will be offered in the U.S. and 10 million shares will be offered in a concurrent international offering outside the U.S. Underwriters for the domestic offering will be led by Goldman, Sachs & Co., Morgan Stanley & Co. Incorporated, Dean Witter Reynolds Inc., Donaldson, Lufkin & Jenrette Securities Corporation, Lehman Brothers, Merrill Lynch & Co. and Salomon Brothers Inc. Underwriters for the international offering will be led by Goldman Sachs International Limited, Morgan Stanley International, Dean Witter International Ltd., Credit Suisse First Boston Limited, Donaldson, Lufkin & Jenrette Securities Corporation, Lehman Brothers International, Merrill Lynch International Limited, Salomon Brothers International Limited and S.G. Warburg Securities.
 The U.S. underwriters have been granted over-allotment options to purchase up to an additional 9.5 million shares, and the international underwriters have been granted over-allotment options to purchase up to an additional 1.5 million shares.
 Net proceeds from the proposed offering will be used to make a capital contribution to Allstate Insurance Company, The Allstate Corporation's primary operating company, and to repay short-term borrowings.
 Allstate Insurance Company, established in 1931 by Sears, Roebuck and Co., is the country's second largest property-liability insurer and fourteenth largest life insurer, based on 1991 statutory premiums and deposits. Immediately following the offering, The Allstate Corporation will continue to be controlled by Sears, which will indirectly own 82.1 percent of its common stock, or 80.1 percent if the underwriters' over allotment options are exercised in full. Assuming the over-allotment options are exercised in full, the Allstate Corporation will have 450 million shares outstanding after the offerings.
 Copies of the S-1 Registration Statement may be obtained from the Securities and Exchange Commission.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state.
 -0- 3/17/93
 /CONTACT: Kathleen Hogan or Al Orendorff, both of Allstate Insurance Company, 708-402-5600/


CO: Allstate Corporation ST: Illinois IN: INS SU: OFR

LD -- NY100 -- 7242 03/17/93 20:26 EST
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Publication:PR Newswire
Date:Mar 17, 1993
Words:453
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