9th Jun 2015 06:42
LONDON (Alliance News) - Old Mutual PLC is preparing to sell a further stake in OM Asset Management PLC, the boutique asset manager it spun off in a float on the New York Stock Exchange in the autumn of 2014.
Old Mutual, a FTSE 100 Anglo-South African investment, savings, insurance and banking group, Tuesday said it will used the proceeds of the sale for general corporate purposes.
The pricing of the offering has yet to be determined, with the number of shares to be sold by Old Mutual also still to be determined.
The offering is to be made through global coordinators and joint book-running managers BofA Merrill Lynch, Morgan Stanley & Co. LLC, Citigroup, and Credit Suisse Securities (USA) LLC.
No new shares are being sold by OM Asset Management.
By Samuel Agini; [email protected]; @samuelagini
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