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FREMONT GROUP TO PURCHASE COLDWELL BANKER RESIDENTIAL

 OVERLAND PARK, Kan., May 13 /PRNewswire/ -- Sears, Roebuck and Co. (NYSE: S) today announced that the Fremont Group (formerly Bechtel Investments, Inc.) will purchase Coldwell Banker Residential Group, with senior management executives at Coldwell Banker, led by Chairman Chandler Barton, participating in the purchase. Coldwell Banker, founded in 1906, had been purchased by Sears in 1981.
 The transaction is expected to be completed in July, subject to the completion of financing arrangements. Terms were not disclosed.
 Sears Chairman and Chief Executive Officer Edward A. Brennan told shareholders at the annual meeting here, "The successful completion of this transaction, plus the sale of Sears Mortgage Corp. announced earlier this week, are additional steps in our previously announced repositioning program which continue to enhance shareholder value. We achieved all of our objectives in these two Coldwell Banker transactions. Coldwell Banker has grown into a widely respected and recognized national residential real estate network, which has an excellent foundation for future growth."
 The Fremont Group is a private investment corporation that manages over $3.5 billion in assets worldwide. The Fremont Group has investments in retail, commercial real estate, timber, minerals, energy, and communications. Through Fremont Investment Advisors, the company manages over $2.5 billion in marketable securities portfolios and sponsors and manages the Fremont Family of Mutual Funds.
 Coldwell Banker international headquarters will remain in Mission Viejo, Calif. The principal operating divisions of the company, including Coldwell Banker Residential Affiliates, Inc. (franchise operations); Coldwell Banker Residential Brokerage (company-owned operations); Coldwell Banker Relocation Services, Inc.; and Relocation 1, will remain intact.
 Mr. Barton said, "With the caliber and integrity of our new partners, Coldwell Banker will be able to continue long-term strategic plans, including aggressive franchise growth, operation of our company- owned offices and continued leadership in the relocation industry."
 Coldwell Banker has over 2,100 residential real estate offices and over 50,000 sales associates and employees in North America.
 -0- 5/13/93 R
 /CONTACT: Gerald E. Buldak of Sears, Roebuck and Co., 312-875-8371; or Carol Beekman of Coldwell Banker Residential, 714-367-2446/
 (S)


CO: Sears, Roebuck & Co.; Coldwell Banker; The Fremont Group ST: Illinois, California IN: FIN REA SU: TNM 388 05-13-93 12:01 EDT GK -- NY016R -- 8263 05/13/93 15:51 EDT
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Publication:PR Newswire
Date:May 13, 1993
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