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Old Mutual pays to ditch China deal
27.05.09
Old Mutual, the London-based insurer, is paying a �45 million (£39 million) break fee to walk away from a �165 million deal to buy a stake in Chinese fund manager ABN Amro Teda Fund Management, agreed last August.
Old Mutual today said it had agreed with Fortis Bank, the ultimate owner of ABN Amro's Asian asset management arm, not to take up the 49% stake in the Chinese offshoot. It did not give an immediate reason for dropping the deal.
