27th Nov 2008 07:00
Ref 158/08
27 November 2008
Termination of Mutual & Federal Sale Process
As previously announced, Old Mutual plc ("Old Mutual") has been engaged in a competitive sale process for its entire shareholding in Mutual & Federal Insurance Company Limited ("Mutual & Federal") and has recently selected a short list of bidders. Whilst the process had reached an advanced stage, it was materially impacted by the increasingly difficult economic conditions and following discussions with the shortlisted bidders, the sale process has now been terminated.
Mutual & Federal is a good business with a well respected brand. It has provided strong returns on equity and cash flows over a number of years and will remain part of the Old Mutual Group.
For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com
Enquiries
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Investor Relations |
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Aleida White |
UK |
+44 (0)20 7002 7287 |
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Deward Serfontein |
SA |
+27 (0)82 810 5672 |
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Media |
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Matthew Gregorowski |
UK / SA |
+44 (0)20 7002 7133 |
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Mike Smith (Finsbury) |
UK |
+44 (0)20 7251 3801 |
Notes to Editors
Old Mutual
Old Mutual plc is an international savings and wealth management company based in the UK. Originating in South Africa in 1845, the group has a portfolio of businesses offering asset management, life assurance, banking and general insurance services in over 40 countries in Europe, the Americas, Africa and Asia-Pacific. Old Mutual plc is listed on the London Stock Exchange and the JSE, among others.
In the year ended 31 December 2007, the group reported adjusted operating profit of £1.62 billion (on an IFRS basis) and had £279 billion of funds under management at the year end. The Company has approximately 53,000 employees.
Related Shares:
Old Mutual PLC