{"id":6142,"date":"2011-12-15T12:20:57","date_gmt":"2011-12-15T10:20:57","guid":{"rendered":"http:\/\/www.myza.co.za\/12\/update-3-old-mutual-to-sell-nordic-unit-for-3-2-bln\/"},"modified":"2011-12-15T12:20:57","modified_gmt":"2011-12-15T10:20:57","slug":"update-3-old-mutual-to-sell-nordic-unit-for-3-2-bln","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-3-old-mutual-to-sell-nordic-unit-for-3-2-bln\/","title":{"rendered":"UPDATE 3-Old Mutual to sell Nordic unit for $3.2 bln"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>(Repeats to additional subscribers with no changes to text)<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Selling unit to Skandia Liv for 22.5 bln SEK<\/p>\n<p><span><\/span><\/p>\n<p>* Sale comes at loss as Old Mutual bought units for $6 bln<\/p>\n<p><span><\/span><\/p>\n<p>* Old Mutual says sale will help it cut debt<\/p>\n<p><span><\/span><\/p>\n<p>* Shares rise 10 percent<\/p>\n<p><span><\/span><\/p>\n<p>By Sudip Kar-Gupta and Patrick Lannin<\/p>\n<p><span><\/span><\/p>\n<p>LONDON\/STOCKHOLM, Dec 15 (Reuters) &#8211; Insurer Old<br \/>\nMutual  is selling its non-core Nordic business<br \/>\nfor 22.5 billion Swedish crowns ($3.2 billion) to Skandia Liv,<br \/>\nsending its shares up 10 percent on expectations the deal will<br \/>\nboost investor returns.<\/p>\n<p><span><\/span><\/p>\n<p>The businesses being sold comprise Old Mutual&#8217;s long-term<br \/>\nsavings and banking operations in Denmark, Norway and Sweden<br \/>\noperating under the Skandia brand, and Old Mutual hopes the sale<br \/>\nwill cut debt and enable it to return capital to shareholders.<\/p>\n<p><span><\/span><\/p>\n<p>Old Mutual, which bought the Skandia businesses for around<br \/>\n$6 billion towards the end of 2005, has come under pressure from<br \/>\nshareholders to divest non-core assets to improve returns.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Repeats to additional subscribers with no changes to text) * Selling unit to Skandia Liv for 22.5 bln SEK * Sale comes at loss as Old Mutual bought units for $6 bln * Old Mutual says sale will help it cut debt * Shares rise 10 percent By Sudip Kar-Gupta and Patrick Lannin LONDON\/STOCKHOLM, Dec [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-6142","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/6142","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=6142"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/6142\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=6142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=6142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=6142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}