27th May 2009 07:00
Ref 40/09
27 May 2009
WITHDRAWAL FROM ABN AMRO TEDA FUND MANAGEMENT ACQUISITION
Old Mutual plc ("Old Mutual") announces that its wholly-owned subsidiary, OM Group (UK) Ltd. ("OMGUK"), has reached an agreement with ABN AMRO Asset Management (Asia) Ltd. ("AAAM Asia")and its holding company Fortis Bank SA/NV ("Fortis Bank") whereby OMGUK, AAAM Asia and Fortis Bank have terminated the agreement they concluded in August 2008 for the sale by AAAM Asia of a 49% stake in ABN AMRO TEDA Fund Management Co., Ltd. ("AATEDA") to OMGUK. OMGUK has paid AAAM Asia an exit fee of EUR 45 million (equivalent to £41 million) in cash.
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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Patrick Bowes Aleida White |
UK |
+44 (0)20 7002 7440 +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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+44 (0)7748 183 834 |
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Mike Smith (Finsbury) |
UK |
+44 (0)20 7251 3801 |
Notes to Editors
Old Mutual
Old Mutual plc is a leading international long-term savings Group. Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance in over 40 countries in Europe, the Americas, Africa and Asia. Old Mutual plc is listed on the London Stock Exchange and the JSE, among others.
In the year ended 31 December 2008, the Group reported adjusted operating profit of £1.0 billion (on an IFRS basis) and had £265 billion of funds under management at the year end. The Group has approximately 57,000 employees.
AATEDA Acquisition
As announced on 21 August 2008, OMGUK, ABN AMRO and Fortis Bank entered into an agreement for OMGUK to acquire the 49% stake that AAAM Asia holds in AATEDA for a cash consideration of approximately EUR 165 million. AATEDA is a fund management company in the People's Republic of China ("PRC"), 49% owned by ABN AMRO Asset Management (Asia) Ltd. and 51% by a PRC company controlled by TEDA, a large PRC investment company owned by the city of Tianjin.
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