| Mon 23 Aug 2010, 7:32 | | OML - Old Mutual Plc - Nedbank Group Limited announcement |
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OML
OLOML
OML - Old Mutual Plc - Nedbank Group Limited announcement
OLD MUTUAL plc
Issuer code: OLOML
JSE Share code: OML
NSX share code: OLM
ISIN: GB0007389926
NEDBANK GROUP LIMITED ANNOUNCEMENT
Nedbank Group Limited ("Nedbank Group"), the majority owned South African
banking subsidiary of Old Mutual plc, released an announcement on SENS
today. The following is the full text of Nedbank Group`s 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."
For further information on Nedbank Group Limited, please visit the corporate
website at www.nedbank.co.za .
For further information on Old Mutual plc, please visit the corporate
website at www.oldmutual.com
Enquiries
External
Communications
Patrick Bowes UK +44 (0)20 7002 7440
Investor Relations
Deward Serfontein SA +27 (0)82 810 5672
Aleida White UK +44 (0)20 7002 7287
Media
Don Hunter UK +44 (0)20 7251 3801
(Finsbury)
Mike Smith UK +44 (0)20 7251 3801
(Finsbury)
Rob Pinker SA +27 (0)11 507 7300
(Brunswick)
Marina Bidoli SA +27 (0)11 507 7300
(Brunswick)
Notes to Editors
Old Mutual
Old Mutual plc is an international long-term savings, protection and
investment Group. Originating in South Africa in 1845, the Group provides
life assurance, asset management, banking and general insurance 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 2009, the Old Mutual Group reported adjusted
operating profit before tax of GBP1.2 billion (on an IFRS basis) and had
GBP285 billion of funds under management at the year end. The Old Mutual
Group has approximately 54,000 employees.
23 August 2010
Sponsor
Merrill Lynch South Africa (Pty) Ltd
Date: 23/08/2010 07:32:00 Produced by the JSE SENS Department.
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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.
