INSURANCE

Sears Spins Off Allstate Stake: The Chicago-based retailer’s long-awaited spinoff of its 80.3% interest in Allstate Corp. was launched through a tax-free dividend to Sears shareholders, who will receive certificates for about 0.93 of an Allstate share for every Sears common share they own, the company said. The 360.5 million Allstate shares are valued at about $10.7 billion, based on Friday’s closing New York Stock Exchange price. Sears had maintained majority interest in Allstate since an initial offering of 20% of the insurer in 1993. The giant retailer received $635 million as a result of that sale.