TheDeal.com - GE Capital buys National Mutual -
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Published on: 6/23/2001
Last Visited: 6/23/2001
Gavin Hill , National Mutual's managing director , said members will also benefit from the financial standing associated with a global AAA rated company.
National Mutual will be the latest in a series of U.K. financial services companies to shed the mutual status.Just a handful of mutuals remain , the biggest of which is Standard Life.
The U.K. company said the GE Capital offer - slightly higher than the £500 million that analysts had predicted - represents the best value and most certainty for its members.
The price includes a £200 million capital injection for the British company.
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In addition to the fixed cash payment and the increase in the ultimate value of their policies , they will benefit from the financial standing associated with a global AAA-rated corporation , said Gavin Hill , National Mutual's managing director , in a statement.