| Wed 27 May 2009, 8:00 | | OML - Old Mutual Plc - Withdrawal From ABN Amro Teda Fund Management |
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OML
OLOML
OML - Old Mutual Plc - Withdrawal From ABN Amro Teda Fund Management
Acquisition
OLD MUTUAL PLC
ISIN CODE: GB0007389926
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
ISSUER CODE: OLOML
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 GBP41 million)
in cash.
For further information on Old Mutual plc, please visit the corporate website
at www.oldmutual.com
Enquiries
Investor Relations
Patrick Bowes UK +44 (0)20 7002 7440
Aleida White +44 (0)20 7002 7287
Deward Serfontein SA +27 (0)82 810 5672
Media
Matthew Gregorowski UK / SA +44 (0)20 7002 7133
+44 (0)7748 183 834
Mike Smith (Finsbury) UK +44 (0)20 7251 3801
27 May 2009
Sponsor
Merrill Lynch South Africa (Pty) Limited
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 GBP1.0 billion (on an IFRS basis) and had GBP265 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.
Date: 27/05/2009 08:00:07 Produced by the JSE SENS Department.
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