Old Mutual Shareholders to Get $3.5 Billion from Nedbank Spin-Off

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Sep 26, 2018

Workers clean windows outside the Cape Town headquarters of Anglo-South African financial services company Old Mutual — Workers clean windows outside the Cape Town headquarters of Anglo-South African financial services company Old Mutual, March 7, 2016. REUTERS/Mike Hutchings

JOHANNESBURG (Reuters) – South Africa’s Old Mutual Ltd said on Wednesday its shareholders will get R50 billion ($3.50 billion) from the spin-off of a majority of its stake in Nedbank.

Workers clean windows outside the Cape Town headquarters of Anglo-South African financial services company Old Mutual, March 7, 2016. REUTERS/Mike Hutchings

Old Mutual holds 52 percent of Nedbank and after the spinoff will hold around 19.9 percent, it said in a statement.

(Reporting by Nqobile Dludla, editing by Louise Heavens)