Split could cost Old Mutual £230m
The benefits to shareholders may be more than £2bn, while the group says it is on track to meet deadline of end-2018
Old Mutual’s managed separation process will incur one-off costs of as much as £230m, but the group estimates that the benefits to shareholders could reach more than £2bn. The group said on Thursday that it was on track to meet its end 2018 deadline to complete the break-up of the group, which it announced a year ago. This came as London-listed Old Mutual announced a 1% increase in adjusted operating profit to £1.67bn, slightly ahead of market expectations. The managed separation process will see the group break up into its four main businesses, with Old Mutual’s South African-based emerging markets business and its London-based wealth management business listed separately, while it sells down its stake in its US asset-management business and unbundles its controlling stake in Nedbank to investors. If you are already a subscriber, please click on the following link below to go to the full article: Old Mutual break-up could cost £230m If you would like to subscribe to BusinessLIVE P...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.