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Posted on Monday, 07 March 2016 12:39

Old Mutual considering options for strategic review

By Noor Zainab Hussain

File photo©ReutersOld Mutual, an Anglo-South African financial services company, said on Monday it was considering all options as part of a strategic review it announced in November, but that it had not yet made any decision.

Sky News reported on Saturday that Old Mutual was plotting a 9 billion pounds ($12.8 billion) break-up that could trigger a takeover battle for the company's various operations.

Old Mutual said on Monday it would give an update on its strategic review on March 11, when it announces its preliminary results.

Without citing sources, Sky News said Old Mutual is working on a plan to divide itself into standalone companies comprising its stake in South African lender Nedbank, its UK-focused wealth unit, its emerging markets operation based in South Africa, and its institutional asset management business.

Sky News said two private equity firms, Cinven and Warburg Pincus, are already said to have tabled a multi-billion pound joint cash offer for Old Mutual Wealth. A spokesman for Old Mutual declined to comment, as did spokeswomen for Cinven and Warburg Pincus.

Old Mutual is due to publish full-year results on March 11. Its shares have fallen 21 percent over the last year, with the group hurt by a weak rand.



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