Offer Update

RNS Number : 9226C

Old Mutual PLC

23 November 2009

 

Ref 85/09

23 November 2009

MUTUAL & FEDERAL SHAREHOLDER APPROVAL AT GENERAL MEETING AND SCHEME MEETING

Old Mutual plc ("Old Mutual") is pleased to announce that the resolutions tabled at the Mutual & Federal Insurance Company Limited ("Mutual & Federal") General Meeting, and the proposed Scheme of Arrangement regarding Old Mutual's offer to acquire those Mutual & Federal shares not already owned by Old Mutual and/or its subsidiaries, were successfully approved, with the requisite majorities, by Mutual & Federal shareholders and scheme members respectively, today. 

Julian Roberts, Group Chief Executive of Old Mutual said, "We are delighted that the Mutual & Federal shareholders have overwhelmingly voted to accept our offer. Customers, staff and shareholders can now look forward to the future of the business. For Old Mutual this represents a further step along the way of building shareholder value."

Old Mutual continues to progress the proposed acquisition and is working with Mutual & Federal management on all aspects of the transaction. The closing of the transaction remains subject to the certain conditions precedent, including the requisite regulatory approvals being obtained.

The full announcement made today by Mutual & Federal is available on the Mutual & Federal website at www.mf.co.za

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

Enquiries

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

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 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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