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Old Mutual to offer up to 9.6% of Quilter

Old Mutual PLC will proceed with plans to sell up to 9.6% of the ordinary shares of Quilter PLC, formerly Old Mutual Wealth, after shareholders approved the group's three-step plan to finalize its planned managed separation.

The offer is still subject to final pricing, with an indicative price range expected to be announced on or about June 25, the group said May 29. The number of shares to be sold by Old Mutual will be determined following the publication of the price range supplement. Old Mutual said in April that the shares will be sold to institutional investors.

Rothschild served as financial adviser to Old Mutual on its managed separation including the offer.