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Old Mutual 'considering all options' amid reports of break-up Old Mutual 'considering all options' amid reports of break-up
(35 minutes later)
Old Mutual, the FTSE 100 insurance giant, has said it is "considering all options" amid reports it is planning a multi-billion pound break-up.Old Mutual, the FTSE 100 insurance giant, has said it is "considering all options" amid reports it is planning a multi-billion pound break-up.
The company said it would provide an update on Friday into the strategic review started by new chief executive Bruce Hemphill in November.The company said it would provide an update on Friday into the strategic review started by new chief executive Bruce Hemphill in November.
Reports suggest the firm, which has a market value of £9bn, is planning to split into four standalone businesses. It added "no decision" had been made after reports suggested it was planning to split into four businesses.
"No decision has yet been made," the company said. Old Mutual shares jumped 11% to 199.7p, giving it a market value of £9.86bn.
Old Mutual, which was founded in South Africa in 1845, is made up of a wealth management arm, an international asset management business, an emerging markets division, and a stake in South African lender Nedbank. The group, which was founded in South Africa in 1845, is made up of a wealth management arm, an international asset management business, an emerging markets division, and a majority stake in South African lender Nedbank.
The prized Old Mutual Wealth unit, a sponsor of England rugby union, has received a takeover approach from private equity investors, according to reports citing unnamed sources. The prized Old Mutual Wealth unit, a sponsor of England rugby union, has received a takeover approach from private equity firms, according to reports citing unnamed sources.
"Any move that helps reduce Old Mutual's substantial overhead costs would be welcomed by investors," said Momentum Wealth Portfolio Managers head Wayne McCurrie."Any move that helps reduce Old Mutual's substantial overhead costs would be welcomed by investors," said Momentum Wealth Portfolio Managers head Wayne McCurrie.
Nedbank said it had been engaging with Old Mutual on its strategic review.Nedbank said it had been engaging with Old Mutual on its strategic review.