Old Mutual, the fund management group, pulled the FTSE 100 down by the end of the day after it agree...
Old Mutual, the fund management group, pulled the FTSE 100 down by the end of the day after it agreed to let St. Paul Cos., the fourth- biggest U.S. business insurer, sell 190m of its shares. Declines by GlaxoSmithKline and AstraZeneca worsened the situation and dragged the FT-SE 100 Index down 42.2 points, or 0.8%, to 5040.8. Old Mutual fell 5.5p or 4.8%, to 108.5p because it had made acquisitions to reduce its dependence on the South African market last April. OM promised to pay St. Paul about $300 million in stock and $335 million in cash to buy Baltimore-based Fidelity & Guaran...
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