| Mon 23 Aug 2010, 7:31 | | NED - Nedbank Group Limited - Cautionary announcement |
|
NED
NED
NED - Nedbank Group Limited - Cautionary announcement
NEDBANK GROUP LIMITED
Reg No: 1966/010630/06
ISIN: ZAE000004875
JSE share code: NED
NSX share code: NBK
CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the announcement released by Old Mutual plc
("Old Mutual") today. Shareholders are advised that Old Mutual has advised
the Board of Directors of Nedbank Group Limited ("Nedbank Group") that it
has received a proposal from HSBC Holdings plc ("HSBC") to acquire a
controlling interest in Nedbank Group ("the proposed transaction"). The
proposed transaction, if and when it proceeds, would be implemented by way
of a partial offer, made to all Nedbank Group shareholders, for up to 70%
of their shareholdings in Nedbank Group.
Nedbank Group`s initial assessment of the proposed transaction is that
HSBC represents an attractive international banking partner and
shareholder of reference and has the potential to provide Nedbank Group
with benefits which should enhance Nedbank Group`s ability to strengthen
its position in the South African banking sector. Nedbank Group believes
that there is a substantial opportunity for it to expand both within the
South African and African markets in due course.
The making of a binding offer by HSBC is subject to a number of pre-
conditions, which include, inter alia, due diligence of Nedbank Group by
HSBC and a number of regulatory and other approvals. In order to satisfy
these pre-conditions, a period of exclusivity has been granted by Old
Mutual Group to HSBC.
There can be no certainty that these discussions will lead to a
transaction. Whether or not successfully concluded, the proposed
transaction may have a material effect on the price of Nedbank Group
securities. Accordingly, shareholders are advised to exercise caution
when dealing in Nedbank Group`s securities until a further announcement is
made.
23 August 2010
Sponsors to Nedbank Group in South Africa:
Merrill Lynch South Africa (Pty) Limited
Nedbank Capital
Sponsor to Nedbank Group in Namibia:
Old Mutual Investment Services (Namibia) (Pty) Ltd
For further information please contact:
Mike Brown (Chief Executive Officer)
tel: +27 (0)11 294 9999, email: mikeb@nedbank.co.za
Don Bowden (Tier 1 Investor Relations)
tel: +27 (0)82 555 8721, email: don@tier1ir.co.za
Media Queries - Ciko Thomas
tel: +27 (0)11 295 9683
Date: 23/08/2010 07:31:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
