Old Mutual Still Looking At Selling Stake In Nedbank - CEO
May 10 2012 - 6:38AM
Dow Jones News
Old Mutual PLC (OML.LM) is still looking at selling its majority
stake in South Africa's Nedbank Group Ltd. (NED.JO), Old Mutual
Chief Executive Julian Roberts said Thursday.
In 2010, Old Mutual was in talks to sell its 51.5% stake in
South Africa's Nedbank Group Ltd (NED.JO) to HSBC Holdings PLC
(HBC), but HSBC abruptly pulled out of the talks, with an HSBC
spokesman saying to a South African newspaper that Nedbank "did not
meet our own strict acquisition criteria."
"We're disappointed that HSBC pulled out of the transaction,"
Roberts told shareholders at the company's annual meeting.
"We are looking still at options. The bank is performing well,
it is an important part of Old Mutual. And with the state of
banking worldwide at the moment, we are cautious and happy with our
position," he said.
"But I will say we look at different opportunities because our
long term aim is to do what we think is the right thing for Nedbank
and the right thing for Old Mutual which would be a sale," he
said.
"That's the general path we're going but we are doing it
cautiously and the market is not favorable for any transaction at
the moment," Roberts said.
- By Vladimir Guevarra, Dow Jones Newswires. Tel. +44 (0)
2078429486, vladimir.guevarra@dowjones.com
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