OLD MUTUAL DISMISSES GARTMORE REPORTS

FINANCIAL services group Old Mutual Plc on Monday dismissed as speculative newspaper reports that it might consider buying Britain’s Gartmore Investment Management from National Westminster Bank. But Old Mutual spokesman James Poole added that the South African group is looking at various acquisition possibilities in Britain. He accused NatWest of using rumour tactics to gauge interest in Gartmore. Media reports indicated that Old Mutual could consider bidding for Gartmore which NatWest plans to sell as part of its defence against a 22-billion takeover bid from Bank of Scotland. The newspapers said Old Mutual could mount a bid amounting up to 500-millionfor Gartmore.