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Take-over talks boost Nedbank, Old Mutual

May 12 2010 13:10

Company Data

NEDBANK GROUP LIMITED [JSE:NED]

Last traded 0
Change -0,3
% Change 0
Cumulative volume 112779
Market cap 114.23bn

Last Updated: 17-09-2014 at 01:10. Prices are delayed by 15 minutes. Source: McGregor BFA

OLD MUTUAL PLC [JSE:OML]

Last traded 0
Change 0,35
% Change 0
Cumulative volume 3169044
Market cap 168.31bn

Last Updated: 17-09-2014 at 01:11. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Rumours that emerging markets bank Standard Chartered is poised to take over Nedbank boosted banking stocks on the JSE on Wednesday.

UK-based Sky News is reporting in an exclusive that Standard Chartered is plotting a multi-billion pound takeover of Nedbank [JSE:NED]. The news agency said that talks have apparently already started, although they are still at a relatively early stage.

In response, the two companies said they do not comment on market rumours.

"That rumour has been around for a while now. We don't comment on speculation and rumour. If it was something official then maybe we'd talk," said Don Bowden, investor relations consultant at Nedbank.

"That's market speculation and our policy is that we don't comment on market speculation," said a Standard Chartered South Africa spokesperson.

By 12:30 Nedbank was trading almost 3.5% higher at R139.75. Associate Old Mutual [JSE:OML] was 4.38% stronger at 1 312c.

The JSE's banks index was up 1.6% by noon.
   
 - I-Net Bridge

old mutual [jse:oml]
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