Withdrawal from AATEDA acquis

RNS Number : 8463S
Old Mutual PLC
27 May 2009
 

Ref 40/09


27 May 2009 


WITHDRAWAL FROM ABN AMRO TEDA FUND MANAGEMENT ACQUISITION 


Old Mutual plc ('Old Mutual') announces that its wholly-owned subsidiary, OM Group (UK) Ltd. ('OMGUK'), has reached an agreement with ABN AMRO Asset Management (Asia) Ltd. ('AAAM Asia')and its holding company Fortis Bank SA/NV ('Fortis Bank') whereby OMGUKAAAM Asia and Fortis Bank have terminated the agreement they concluded in August 2008 for the sale by AAAM Asia of a 49% stake in ABN AMRO TEDA Fund Management Co., Ltd. ('AATEDA') to OMGUK OMGUK has paid AAAM Asia an exit fee of EUR 45 million (equivalent to £41 million) in cash 



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



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Notes to Editors


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 over 40 countries 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.


AATEDA Acquisition


As announced on 21 August 2008, OMGUK, ABN AMRO and Fortis Bank entered into an agreement for OMGUK to acquire the 49% stake that AAAM Asia holds in AATEDA for a cash consideration of approximately EUR 165 million.  AATEDA is fund management company in the People's Republic of China ('PRC'), 49% owned by ABN AMRO Asset Management (Asia) Ltd. and 51% by a PRC company controlled by TEDA, a large PRC investment company owned by the city of Tianjin.  


This information is provided by RNS
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