| Wed 22 Feb 2012, 10:30 | | OML - Old Mutual Plc - Old Mutual offer for Oceanic Life |
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OML
OLOML
OML - Old Mutual Plc - Old Mutual offer for Oceanic Life
OLD MUTUAL plc
Issuer code: OLOML
JSE Share code: OML
NSX share code: OLM
ISIN: GB0007389926
Ref 11/12
22 February 2012
Old Mutual offer for Oceanic Life
Old Mutual plc today announces that a preliminary non-binding offer has been
accepted by Ecobank Transnational Incorporated (ETI) for the acquisition of
Oceanic Life, which was acquired by ETI in October 2011 as part of the Oceanic
Bank Group.
Old Mutual and ETI are currently negotiating and finalising the relevant legal
agreements; these agreements will incorporate the required conditions precedent
for the transaction, including the relevant regulatory approvals from both a
South African and Nigerian perspective.
Oceanic Life is a Nigerian life assurance company with a market share of 1.8%
and a Net Asset Value of
US$16 million.
The acquisition would form part of Old Mutual`s stated strategy of expanding its
presence in sub-Saharan Africa.
Enquiries
External Communications / Investor Relations
Patrick Bowes +44 (0)20 7002 7440
Media
William Baldwin-Charles +44 (0)20 7002 7133
Investor Relations
Kelly de Kock +27 (0) 21 509 8709
Sponsor:
Merrill Lynch SA (Pty) Limited
Notes to Editors
Old Mutual
Old Mutual 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 to more than 15 million
customers in Europe, the Americas, Africa and Asia. Old Mutual is listed on the
London Stock Exchange and the Johannesburg Stock Exchange, among others.
In the year ended 31 December 2010, the Group reported adjusted operating profit
before tax of GBP1.5 billion (on an IFRS basis) and had GBP309 billion of funds
under management from core operations, and shareholders` equity of GBP9.0
billion.
For further information on Old Mutual plc, please visit the corporate website at
www.oldmutual.com
Date: 22/02/2012 10:30:01 Produced by the JSE SENS Department.
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