Old Mutual confirms HSBC bid for control of Nedbank

Reports said that HSBC had emerged as the front- runner to buy Nedbank, the smallest of the top four listed South African banks by market capitalisation. The proposed transaction, if and when it proceeds, would be implemented by way of a partial offer to all Nedbank Group shareholders to acquire up to 70% of their shares. The making of a binding offer by HSBC is subject to a number of pre-conditions.

In order to satisfy these pre-conditions, a period of exclusivity has been granted by Old Mutual Group to HSBC. Any acceptance by Old Mutual of any offer that may be made would be subject, to approval by Old Mutual's shareholders.

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http://www.businessday.co.za/articles/Content.aspx?id=118815