RETURN TO SA
HILARY JOFFE: Old Mutual heads home, but home is a vastly different place
Old Mutual Ltd’s return says as much about what has happened to corporate SA as it does about Old Mutual itself
Old Mutual Ltd starts on the road back to Johannesburg on Wednesday, showcasing the shape of the new South African and emerging markets company that will arise from the London-based group’s break-up ahead of the company’s primary listing on the JSE in 2018. It is an event that says as much about what has happened to corporate SA, and particularly to the "London five" of the late 1990s, as it does about Old Mutual itself. The company that will be showcased on Wednesday is one of four firms, and two brand-new listings, that will emerge from the "managed separation" the London-listed Old Mutual group embarked on in 2016. The new company, chaired by former finance minister Trevor Manuel with Peter Moyo as CEO, is the one that will keep the Old Mutual name, housing the group’s South African and emerging markets businesses, with its head office in Johannesburg, its primary listing on the JSE and a secondary listing in London.In its way, the company is what Old Mutual might have become had...
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