To expand the insurance business reach

Mutual & Federal shareholders and scheme members have approved the proposed scheme of arrangement regarding Old Mutual’s offer to acquire those Mutual & Federal shares not already owned by Old Mutual.

Julian Roberts, group chief executive of Old Mutual, said: We are delighted that the Mutual & Federal shareholders have overwhelmingly voted to accept our offer. Customers, staff and shareholders can now look forward to the future of the business. For Old Mutual this represents a further step along the way of building shareholder value.

The company said that it is progressing with the proposed acquisition and is working with Mutual & Federal management on all aspects of the transaction.

Old Mutual is an international long-term savings group.