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| Old Mutual 'considering all options' amid reports of break-up | Old Mutual 'considering all options' amid reports of break-up |
| (about 1 hour 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. |
| It added "no decision" had been made after reports suggested it was planning to split into four businesses. | It added "no decision" had been made after reports suggested it was planning to split into four businesses. |
| Old Mutual shares jumped 11% to 199.7p, giving it a market value of £9.86bn. | Old Mutual shares jumped 11% to 199.7p, giving it a market value of £9.86bn. |
| 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 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 firms, 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. |
| Jonathan Roy, advisory investment manager at Charles Hanover Investments, said. "Being (an) African-based organisation... this emerging markets sell-off and currency routs over the last six months put some real pressure on them, and unfortunately they're being pushed into a situation where they have to act and actually look at some disposals to shore themselves up." | |
| "The market's really responding to the decisive action from the board," he added. |