Offer Update

RNS Number : 9933A

Old Mutual PLC

19 October 2009

 



Ref 75/09

19 October 2009

PROPOSED ACQUISITION OF THE REMAINING MINORITY SHAREHOLDING IN MUTUAL & FEDERAL

Old Mutual plc ("Old Mutual") welcomes today's announcement by the board of directors of Mutual & Federal Insurance Company Limited ("Mutual & Federal") confirming their intention to vote in favour of the Offer in respect of their own shareholdings in Mutual & Federal and their recommendation that Mutual & Federal shareholders do likewise.

Old Mutual continues to progress the proposed acquisition and is working with Mutual & Federal management on all aspects of the transaction.

A separate announcement regarding the Offer has been released today on the JSE Limited by Mutual & Federal and can be found on Mutual & Federal's website at www.mf.co.za 

For further information on Old Mutual, please visit the corporate website at www.oldmutual.com  

Enquiries

Old Mutual plc Investor Relations
Patrick Bowes	UK	[phone]
Deward Serfontein	SA	[phone]
Old Mutual plc Media
Matthew Gregorowski	UK / SA	[phone]
		[phone]
Don Hunter (Finsbury)	UK	[phone]

Note 

"Offer" refers to Old Mutual's firm intention to make an offer, in terms of the South African Securities Regulation Code on Takeovers and Mergers, to acquire all the ordinary shares in Mutual & Federal that it or its subsidiaries do not currently beneficially own, to be implemented by way of a scheme of arrangement in terms of section 311 of the South African Companies Act, 1973 as announced on 14 October 2009.

Old Mutual

Old Mutual plc is a leading international long-term savings 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 2008, the Group reported adjusted operating profit of £1.0 billion (on an IFRS basis) and had £265 billion of funds under management at the year end. The Group has approximately 57,000 employees.

 

END

 

 

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