Nedbank Group Limited announc
23 August 2010
Old Mutual plc
Nedbank Group Limited announcement
Nedbank Group Limited ("Nedbank Group"), the majority owned South African banking subsidiary of Old Mutual plc, released an announcement on SENS today. The following is the full text of Nedbank Group's announcement:
"Shareholders are referred to the announcement released by Old Mutual plc ("Old Mutual") today. Shareholders are advised that Old Mutual has advised the Board of Directors of Nedbank Group Limited ("Nedbank Group") that it has received a proposal from HSBC Holdings plc ("HSBC") to acquire a controlling interest in Nedbank Group ("the proposed transaction"). The proposed transaction, if and when it proceeds, would be implemented by way of a partial offer, made to all Nedbank Group shareholders, for up to 70% of their shareholdings in Nedbank Group.
Nedbank Group's initial assessment of the proposed transaction is that HSBC represents an attractive international banking partner and shareholder of reference and has the potential to provide Nedbank Group with benefits which should enhance Nedbank Group's ability to strengthen its position in the South African banking sector. Nedbank Group believes that there is a substantial opportunity for it to expand both within the South African and African markets in due course.
The making of a binding offer by HSBC is subject to a number of pre-conditions, which include, inter alia, due diligence of Nedbank Group by HSBC and a number of regulatory and other approvals. In order to satisfy these pre-conditions, a period of exclusivity has been granted by Old Mutual Group to HSBC.
There can be no certainty that these discussions will lead to a transaction. Whether or not successfully concluded, the proposed transaction may have a material effect on the price of Nedbank Group securities. Accordingly, shareholders are advised to exercise caution when dealing in Nedbank Group's securities until a further announcement is made."
For further information on Nedbank Group Limited, please visit the corporate website at www.nedbank.co.za
For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com
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Patrick Bowes |
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Rob Pinker (Brunswick) |
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Marina Bidoli (Brunswick) |
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Notes to Editors
Old Mutual
Old Mutual plc is an international long-term savings, protection and investment Group. Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance in Europe, the Americas, Africa and Asia. Old Mutual plc is listed on the London Stock Exchange and the JSE, among others.
In the year ended 31 December 2009, the Old Mutual Group reported adjusted operating profit before tax of £1.2 billion (on an IFRS basis) and had £285 billion of funds under management at the year end. The Old Mutual Group has approximately 54,000 employees.
This information is provided by RNS
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