Old Mutual closer to buying UK-based unit

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.

READ: Old Mutual plans to list two divisons

The move, which forms part of the restructuring of the Old Mutual group, which will see Old Mutual Limited housing the group'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.

eNCA

Discussion Policy

eNCA.com would like to send you push notifications.
Notifications can be turned off any time in your browser settings.
You have been registered for browser notifications