Anglo-South African services firm, Old mutual, plans to divide into four activity segments, Sky News reported on March 6.

The 24-hour news channel, without citing its sources, said the group would divide itself into four standalone companies comprising its stake in South African bank Nedbank, its UK-focused wealth subsidiary, its emerging markets operation based in South Africa and its assets management business.

Sky news added that the division would give rise to a takeover battle for the JSE-listed firm’s operations, highlighting that private equity firms Cinven and Warburg Pincus have already tabled on a multi-billion pound joint cash offer for Old Mutual Wealth.

Old mutual whose shares have dropped 21% over 2015 as rand weakened, has indicated on March 7, it was examining all options in the framework of a strategic review of its operations announced last November. It however said no decision has been taken so far.

The group said it would communicate on the review when publishing its full-year results, on March 11.