September 26, 2018 / 12:59 PM / 3 months ago

Old Mutual shareholders to get $3.5 bln from Nedbank spin-off

JOHANNESBURG, Sept 26 (Reuters) - South Africa’s Old Mutual Ltd said on Wednesday its shareholders will get 50 billion rand ($3.50 billion) from the spin-off of a majority of its stake in Nedbank.

Old Mutual holds 52 percent of Nedbank and after the spinoff will hold around 19.9 percent, it said in a statement.

$1 = 14.2981 rand Reporting by Nqobile Dludla, editing by Louise Heavens

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