Briefs
Underperforming Old Mutual planning to break itself up, unbundle – report
Old Mutual is plotting a $12.8billion break-up which could trigger a takeover battle for its various operations,
LONDON, March 5 (Reuters) – Old Mutual, the Anglo-South African financial services firm, is plotting a 9 billion pounds ($12.8 billion) break-up which could trigger a takeover battle for its various operations, Sky News reported.
Sky News said two private equity firms, Cinven and Warburg Pincus, are already said to have tabled a multi-billion pound joint cash offer for Old Mutual Wealth.
A spokesman for Old Mutual declined to comment, as did spokeswomen for Cinven and Warburg Pincus.
Old Mutual is due to publish full-year results on March 11.
Its shares have fallen 21 percent over the last year, with the group hurt by a weak rand.
They closed Friday at 178.6 pence, valuing the business at 8.83 billion pounds.