Old Mutual shareholders are poised to share in a R10bn windfall after the insurer unveiled plans to distribute a portion of its stake in Nedbank.
Old Mutual will hand investors roughly 62-million Nedbank shares, or about 12%, worth R10.4bn based on the bank’s closing price on Wednesday. That will cut its holding in Nedbank to just over 7%...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.
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