Old Mutual investors set for R10bn jackpot
The insurance giant says it is too soon to tell if it needs additional provisions for mortality claims
Old Mutual shareholders are poised to share in a R10bn windfall after the insurer unveiled plans to distribute a portion of its stake in Nedbank.
Old Mutual will hand investors roughly 62-million Nedbank shares, or about 12%, worth R10.4bn based on the bank’s closing price on Wednesday. That will cut its holding in Nedbank to just over 7%...