Old Mutual tells market to wait on split rumours

Old Mutual responded to weekend press speculation with anything but clarity on Monday, releasing a short statement to the market.

The FTSE 100 insurance and finance group was said by Sky News and numerous Sunday newspapers to be planning a £9bn split into numerous standalone companies, which could lead to a takeover battle for some of its biggest operations.

On Monday, the company reiterated that a strategic review was being conducted, as announced when chief executive Bruce Hemphill joined on 1 November last year.

"We can confirm that all options for the strategic review are being considered, but no decision has yet been made," Old Mutual's board said in a statement.

The Anglo-South African firm was due to announce its preliminary results on 11 March, and said it would provide an update on the strategic review at that time.