Financial group Old Mutual is closer to buying its UK-based unit, Old Mutual PLC. The Competition Commission has recommended that its tribunal approve the deal.
JOHANNESBURG - Financial group Old Mutual is closer to buying its United Kingdom-based unit, Old Mutual PLC.
The Competition Commission of South Africa has recommended that its tribunal approve the final deal.
The move, which forms part of the restructuring of the Old Mutual group, which will see Old Mutual Limited housing the group&39;s emerging-market operations.
It will have a primary listing on the Johannesburg Stock Exchange (JSE) as well as a standard listing on the London Stock Exchange.
There will also be other listings in Malawi, Namibia and Zimbabwe.
The group, which currently has nearly 19 million customers and about 64,000 employees, said the acquisition is subject to company policies, including black economic empowerment.