| Fri 15 Oct 2010, 11:11 | | OML - Old Mutual plc - Termination of discussions with HSBC Holdings plc |
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OML
OLOML
OML - Old Mutual plc - Termination of discussions with HSBC Holdings plc
("HSBC") concerning a potential partial offer for Nedbank Group Limited
("Nedbank")
OLD MUTUAL plc
Issuer code: OLOML
JSE Share code: OML
NSX share code: OLM
ISIN: GB0007389926
(the "Company")
Ref 159/10
Termination of discussions with HSBC Holdings plc ("HSBC") concerning a
potential partial offer for Nedbank Group Limited ("Nedbank")
Old Mutual plc ("Old Mutual") has been informed today that HSBC will not
proceed with a partial offer for Nedbank following the expiry of the agreed
exclusivity period. Consequently Old Mutual is no longer in discussions with
HSBC concerning its shareholding in Nedbank. The reasons for HSBC`s
withdrawal were not disclosed to Old Mutual, but were not, as far as Old
Mutual is aware, related to any adverse findings during HSBC`s due diligence.
Old Mutual confirms that its strategy continues to be focused on long-term
savings, protection and investments.
In light of the above development, Old Mutual will evaluate its other options
concerning the shareholding in Nedbank and make further announcements in due
course.
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 (Finsbury) UK +44 (0)20 7251 3801
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 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 Group has approximately
54,000 employees.
15 October 2010
Sponsor:
Merrill Lynch South Africa (Pty) Limited
Date: 15/10/2010 11:11:33 Produced by the JSE SENS Department.
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