Old Mutual restructuring gets nod from Ebrahim Patel
The minister’s seal of approval comes on the eve of the Competition Tribunal’s decision
Economic Development Minister Ebrahim Patel has welcomed Old Mutual’s decision to make SA the primary base for all of its emerging market activities — a move that comes with a commitment to public interest undertakings, including a R500m development fund.Patel made his comments on Tuesday, a day before the Competition Tribunal considers the Competition Commission’s recommendation to approve Old Mutual Ltd’s takeover of control of Old Mutual plc.If it gets the tribunal’s go-ahead on Wednesday, the transaction will be presented to shareholders for approval. Old Mutual Ltd was established to facilitate the internal reorganisation and managed separation of the Old Mutual Group.The Competition Commission assessed the internal restructuring of the firms within the Old Mutual group and concluded the transaction was unlikely to substantially prevent or lessen competition in any market in SA.The Department of Economic Development filed a notice of intention to participate in the transaction....
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.