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.
Patrick Bowes UK +44 (0)20 7002 7440
Deward Serfontein SA +27 (0)82 810 5672
Aleida White UK +44 (0)20 7002 7287
Don Hunter (Finsbury) UK +44 (0)20 7251 3801
Notes to Editors
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 £1.2 billion (on an IFRS basis) and had £285 billion of funds under management at the year end. The Group has approximately 54,000 employees.