NEDCOR: 25,462 +467 (+1.87%)
South Africa's Old Mutual sells all 5.5 mln shares in Nedbank
JOHANNESBURG, Oct 18 (Reuters) - South Africa's Old Mutual
Ltd said on Thursday it sold all 5.5 million shares in
Nedbank Group Ltd to select institutional investors,
marking the final step in the spinning-off of the unit.
The Nedbank shares were sold at a price of 230 rand each, it
said in a statement, without giving any further details.
Old Mutual, which holds a majority stake in Nedbank, has
been dismantling its conglomerate structure, created after a
series of acquisitions, since it moved its headquarters and
primary listing to London in 1999.
As part of the plan, it spun off a majority stake in Nedbank
on Monday and now holds around 19.9 percent.
The spin-off terms stipulated that if qualifying U.S. Old
Mutual shareholders did not submit an investor letter to Old
Mutual's registrar by October 12, they would be restricted from
receiving Nedbank shares and Old Mutual would then sell those in
(Reporting by Nqobile Dludla; editing by Jason Neely)
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