European shareholder activist Cevian Capital acquires stake in Old Mutual plc
|June 1st, 2009||
|Cevian Capital, a leading shareholder activist focused investment firm, has acquired a 4.1% stake in South African insurer Old Mutual plc (OML.L), despite a significant drop in the company’s share prices in 2008. According to the Telegraph, Cevian Capital cited Old Mutual’s core business stability and affirmed its support for the company’s management, including CEO Julian Roberts, as well as the company’s strategy to improve its performance and increase its share value. |
Old Mutual, in dire financial straits after a drastic profit decline in 2008, has begun decreasing its global reach by selling its Australian business, closing an office in Hong Kong, and leaving parts of its US business.
Cevian Capital is one of the largest European-focused activist investment firms and primarily invests and acquires ownership positions in European public companies with unfavorable market positions to develop and enhance these companies’ long-term value.
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