| Thu 27 Nov 2008, 9:00 | | OML - Old Mutual Plc - Termination of Mutual & Federal Sale Process |
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OML
OLOML
OML - Old Mutual Plc - Termination of Mutual & Federal Sale Process
Old Mutual plc
ISIN CODE: GB0007389926
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
ISSUER CODE: OLOML
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
Investor Relations
Aleida White UK +44 (0)20 7002
7287
Deward Serfontein SA +27 (0)82 810 5672
Media
Matthew UK / SA +44 (0)20 7002
Gregorowski 7133
Mike Smith UK +44 (0)20 7251
(Finsbury) 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 GBP1.62 billion (on an IFRS basis) and had GBP279 billion of funds
under management at the year end. The Company has approximately 53,000
employees.
27 November 2008
Sponsor
Merrill Lynch South Africa (Proprietary) Limited
Date: 27/11/2008 09:00:06 Produced by the JSE SENS Department.
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