LONDON, March 26 (Reuters) - Anglo-South African financial
services firm Old Mutual said it has sold a 25 percent
stake in its U.S. fund management arm to China's HNA
for $446 million, as part of its plan to split itself
into four companies.
Old Mutual, which says regulatory change has made its
business too complex to run in its current form, is aiming to
break into four parts by the end of next year.
It has said it plans to dual-list its UK asset management
and African emerging markets businesses in London and
Johannesburg and reduce stakes in U.S. firm Old Mutual Asset
Management (OMAM) and South Africa's Nedbank.
It had already started cutting its stake in OMAM.
The sale to HNA Capital US, part of conglomerate HNA's
financial services unit, cuts Old Mutual's remaining stake in
OMAM to 26 percent, the firm said in a statement late
HNA has been building up stakes in a series of companies
across Europe and the United States. It is now the third biggest
shareholder in Deutsche Bank, raising its stake last
week to 4.76 percent.
The two-stage OMAM deal involves the sale to HNA of a 10
percent tranche at $15.30 per share and 15 percent tranche at
$15.75 per share, at an approximate $1 premium to Friday's
Two HNA Capital US directors are expected to join OMAM's
board, replacing Old Mutual directors, Old Mutual said.
(Reporting by Carolyn Cohn and Rachel Armstrong; Editing by