Old Mutual completes sale of Nordic unit
Shareholders of savings, investments and insurance giant Old Mutual are in line for their eagerly-awaited special dividend after the firm finally completed the sale of its Nordic business.
Shareholders of savings, investments and insurance giant Old Mutual are in line for their eagerly-awaited special dividend after the firm finally completed the sale of its Nordic business.
The Nordic division - the long-term savings and banking operations in Sweden, Denmark and Norway, to Skandia Liv - is being sold to Skandia Liv for a net cash consideration of SEK22.4bn (£2.1bn).
As previously announced, the group will pay a special dividend of £1bn, or 18p per share, using the proceeds from the sale. The payment will be made on June 7th. Last month, the group also proposed a seven-for-eight share consolidation.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"I am delighted that we have completed this transaction, which creates value for both our shareholders and for Skandia Liv's policyholders," said Old Mutual's Chief Executive Julian Roberts.
These businesses aren't the only units that Old Mutual has offloaded as of late. During 2011, the group concluded the sale of US Life, closed Switzerland to new business and announced the sale of its Finnish business. The firm also decided to consolidate its other European businesses under one management team.
BC
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
‘Inheritance tax insurance’ enquiries are soaring – but is it worth it?
Premiums for whole of life insurance can run to £5,000 a month to cover a £300,000 inheritance tax bill, with policies costing more the older you take them out.
-
MPs warn over Lifetime ISAs which could leave savers out of pocket
The Treasury Committee has highlighted confusion around the Lifetime ISA withdrawal charge, which risks consumers losing “a significant part of their savings”