Old Mutual raised $322m by reducing its remaining stake in New York-listed Old Mutual Asset Management (Omam) to 22.4%, it said on Monday. Old Mutual said its offer of 17.3-million Omam shares was subscribed for at $14.55 each — a premium to Omam’s $14.34 closing price on Friday. This leaves just 3.65% of Old Mutual’s former US subsidiary unsold, accelerating the group’s managed separation, which will see it split into four businesses. In March, Old Mutual announced that HNA Capital had agreed to buy 24.95% of Omam for $446m in a two-step transaction. The first tranche of this transaction was completed on May 15, when HNA Capital acquired 9.95% of Omam for $15.30 per share. HNA Capital has agreed to pay $15.75 per share for the 15% of Omam it is buying in the second tranche. Old Mutual started divesting from Oman in December when it placed 14.95-million shares at $14.25 each. CEO Bruce Hemphill said in Old Mutual’s results released in March that the December deal, in which the group...
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