Old Mutual Receives Approaches for OM Asset Management
24 May 2016 - 5:40PM
Dow Jones News
LONDON—Old Mutual PLC on Tuesday said it has received a number
of approaches from third parties to buy its stake in OM Asset
Management PLC, as the financial services group explores ways to
separate its four main businesses.
The company announced in March that it planned a breakup of its
different divisions—Old Mutual Emerging Markets, Old Mutual Wealth,
Nedbank and OM Asset Management—and it said Tuesday that it
continues to assess its options. It previously said it expected the
separation to be largely complete by the end of 2018.
Old Mutual, which was responding to media reports, didn't detail
who it had received approaches from and cautioned there was no
certainty a deal would be agreed.
The Financial Times on Tuesday reported that Old Mutual was
close to a deal to sell its U.S. asset-management business to New
York-listed Affiliated Managers Group for about $1 billion. The FT
report, citing two people familiar with the plans, said Old
Mutual's board had endorsed a sale of its 66% stake in Old Mutual
Asset Management in exchange for cash and a 10% stake in AMG.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
May 24, 2016 03:25 ET (07:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Old Mutual (LSE:OML)
Historical Stock Chart
From Apr 2024 to May 2024
Old Mutual (LSE:OML)
Historical Stock Chart
From May 2023 to May 2024
Real-Time news about Old Mutual (London Stock Exchange): 0 recent articles
More Old Mutual News Articles