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PUBLIC OFFERING OF NUVEEN COMMON STOCK CONTEMPLATED

 PUBLIC OFFERING OF NUVEEN COMMON STOCK CONTEMPLATED
 ST. PAUL, Minn., March 20 /PRNewswire/ -- The St. Paul Companies


and John Nuveen & Co. Incorporated jointly announced today that The St. Paul Companies is considering making an initial public offering of a minority interest in Nuveen.
 "The proposed public offering would enable The St. Paul Companies to realize a portion of its investment in Nuveen, which has been held as a wholly owned subsidiary since 1974," said Douglas W. Leatherdale, chairman and chief executive officer of The St. Paul Companies.
 Richard J. Franke, chief executive officer of Nuveen, added, "We are pleased to be contemplating this milestone event, which provides for continuity in our control and commitment to investors, the broker/dealer community and other customers."
 The offering would be made only by means of a prospectus and through a syndicate of underwriters to be named. If the decision is made to proceed with an offering, it would be announced in the next several weeks, when a registration statement would be filed with the U.S. Securities and Exchange Commission.
 Headquartered in Saint Paul, Minn., The St. Paul Companies is a worldwide property-liability insurance organization. Its member companies provide insurance underwriting and insurance brokerage products and services. Founded in 1853, it is Minnesota's oldest business corporation.
 Nuveen, founded in 1898 and headquartered in Chicago, is the nation's oldest and largest investment banking/asset management firm specializing in the underwriting, trading and marketing of municipal bonds and tax-free investment products.
 -0- 3/20/92
 /CONTACT: Karen Himle of The St. Paul Companies, 612-228-8553, or Jeff Kratz of John Nuveen & Co., 312-917-7749/
 (SPK) CO: The St. Paul Companies; John Nuveen & Co. ST: Minnesota IN: INS FIN SU: JVN OFR


KH -- MN005 -- 0066 03/20/92 11:39 EST
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Publication:PR Newswire
Date:Mar 20, 1992
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