LONDON, March 5 (Reuters) - Old Mutual, the Anglo-South African financial services firm, is plotting a 9 billion pounds ($12.8 billion) break-up which could trigger a takeover battle for its various operations, Sky News reported.
Without citing sources, it said the group is working on a plan to divide itself into standalone companies comprising its stake in South African lender Nedbank, its UK-focused wealth unit, its emerging markets operation based in South Africa, and its institutional asset management business.
Sky News said two private equity firms, Cinven and Warburg Pincus, are already said to have tabled a multi-billion pound joint cash offer for Old Mutual Wealth.
In a statement on SENS the financial services giant said
"Old Mutual plc (“Old Mutual”) notes the press speculation on Saturday 5 March 2016. When our new Chief Executive Bruce Hemphill joined on 1 November 2015, we announced that we would be conducting a strategic review.
"We can confirm that all options for the strategic review are being considered but no decision has yet been made."
More will be revealed when Old Mutual publishes its full-year results on March 11.
Watch CNBC Africa on Friday as we bring you an interview with Old Mutual's CEO Bruce Hemphill.
[READ MORE: Barclays CEO confirms it is selling Barclays Africa, including Absa]
Its shares have fallen 21 percent over the last year, with the group hurt by a weak rand.
They closed Friday at 178.6 pence, valuing the business at 8.83 billion pounds. ($1 = 0.7026 pounds)