24th May 2016 06:32
LONDON (Alliance News) - Old Mutual PLC, the Anglo-South African financial services company, on Tuesday said it has received interest from would-be buyers of its stake in OM Asset Management PLC, the New York-listed boutique money manager.
Old Mutual, which owns a 66% stake in OMAM, said it has received approaches from "third parties" to acquire its shareholding in the company.
"There can be no certainty that these approaches will lead to any transaction or any certainty as to the terms on which any such transaction might proceed," Old Mutual said in a statement.
Responding to what it called "media speculation", Old Mutual said it is "continuing to assess the options available" under Chief Executive Bruce Hemphill's plan to break up the group's four main businesses.
Old Mutual's other three divisions are made up of a 54% stake in Johannesburg-listed lender Nedbank, its emerging markets business based in South Africa, and a wealth management arm focused on the UK.
"We will update the market as and when appropriate. As a consequence of the decision to proceed with the managed separation of Old Mutual, we expect to receive interest in our assets periodically," the company said.
By Samuel Agini; [email protected]; @samuelagini
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