22nd Jun 2015 16:00
LONDON (Alliance News) - Old Mutual PLC Monday said it is to realise USD257 million after cutting its stake in OM Asset Management, the boutique asset manager it spun off in a float on the New York Stock Exchange in the autumn of 2014
In a statement, the Anglo-South African investment, savings, insurance and banking group said its underwritten public offering of 15.3 million shares in OM Asset Management has closed. That includes about 2.0 million shares sold under full exercise of the underwriters' option to purchase additional shares.
The shares were sold at USD17.50 each, with the disposal leaving Old Mutual with a 65.8% stake in the company.
Old Mutual shares closed up 2.2% at 208.90 pence on Monday in London.
By Samuel Agini; [email protected]; @samuelagini
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