Old Mutual nears completion of Nordic sale
The sale of Old Mutual's Nordic business has received approval from Swedish regulators; now it's up to the shareholders to sign off on the deal.
The sale of Old Mutual's Nordic business has received approval from Swedish regulators; now it's up to the shareholders to sign off on the deal.
"Old Mutual welcomes the announcement this morning of regulatory approval for the disposal from the Swedish Financial Supervisory Authority," the company announced this morning.
Danish regulatory approval for the sale - of Old Mutual's long-term savings and banking operations in Sweden, Denmark and Norway, to Skandia Liv - was confirmed on Friday.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
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
The group says that the disposal now remains conditional only on approval by Old Mutual shareholders at the general meeting on March 14th. If that goes the way the company wants, completion of the sale should occur on or around March 21st.
The company's full-year results, which will be released tomorrow, will refer to the said divisions as "held for sale".
Nordic's funds under management (FuM) fell by 8% to 134.3bn Swedish krona, with negative market movements partially offset by positive net client cash flow.
BC
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
-
Skipton launches a retirement bond with monthly income – is it any good?
The building society has launched a new three-year fixed-rate bond for those aged 66 and over. Can it boost your retirement income?
By Katie Williams Published
-
Pensions: 140,000 pensioners to be hit by surprise tax demand
Tens of thousands of pensioners will be written to over the summer because their pensions have gone above the frozen income tax thresholds
By Chris Newlands Published