Unshackled: why Old Mutual is ditching Nedbank
The surprise sale of its stake in Nedbank means Old Mutual has now ended a years-long rejig. Will it finally pay off?
After a year as permanent CEO, Old Mutual’s Iain Williamson has moved the final chess piece in a tortuously long simplification process for the venerable insurance giant.
Last week’s surprise distribution of the group’s remaining 12.2% Nedbank stake to grateful shareholders is a boon to Old Mutual and the bank’s investors, and lifted the insurer’s share price as much as 8% on the day...