LONDON, April 22, 2002 (PRIMEZONE) -- Nedcor Ltd ("Nedcor"), the South African banking group, in which Old Mutual plc ("Old Mutual") (LSE:OML) has a 53% holding, has today issued a recommended offer to acquire BoE for R7.3 billion, subject to conditions set out in their announcement.
Old Mutual, representing the majority of the Nedcor ordinary shares, has agreed to vote in favor of all shareholder resolutions of Nedcor required to implement the Scheme. Upon completion of the Transaction, Nedcor will continue to be a subsidiary of Old Mutual.
The full text of the Nedcor announcement is available on SENS, the JSE Securities Exchange News Service and on Old Mutual's website, www.oldmutual.com.
The full text of this release is also available at the following link: http://reports.huginonline.com/856301/102280.doc