Friday, November 24, 2006

Allstate (ALL) Mentioned As Takeover Target Again - Chicago Tribune

According to reports from the Chicago Tribune, Allstate (NYSE: ALL) takeover talk is being discussed again for the second time in less than six months. Morgan Stanley published a recent report identifying two dozen cheap stock that could be takeover targets. Nine were financial-services companies.

Besides Allstate, Morgan Stanley's list included Bank of America (NYSE: BAC), Citigroup (NYSE: C) and Countrywide Financial (NYSE: CFC).

Last summer, Prudential Equity Group LLC named Allstate to its list of possible targets.

When asked about the possibility of a takeover at the company's May annual meeting, Allstate's CEO Edward Liddy said the company wishes to stay independent. Liddy plans to step down as CEO at the end of 2006. He will be replaced Thomas J. Wilson, who is currently president and chief operating officer. Liddy will remain chairman until his retirement from the company in the spring of 2008.

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