INSURANCE

Allstate Spinoff Will Be Biggest Ever: Sears, Roebuck & Co. directors gave final approval and set a June 30 date for the retailer’s long-anticipated spinoff of its 80.3% stake in insurance giant Allstate Corp. The tax-free dividend of Allstate stock to Sears stockholders will be the biggest spinoff in U.S. corporate history, valued at $11.1 billion based on Monday’s $30.75 closing price of Allstate shares, Sears said. Stockholders will receive 0.93 of an Allstate share for each Sears share they own. Allstate shares closed at $30.75 on Tuesday on the New York Stock Exchange.