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BUZZ-Old Mutual: To break-up into four, changes dividend policy

Reuters - UK Focus

** Insurer and asset manager Old Mutual (Other OTC: ODMTY - news) 's shares one of just two FTSE 100 stocks in the red after saying it will break-up into four units, move to a more conservative dividend policy

** Separation into four units to take place by end-2018; CEO says current group structure too costly, lacks sufficient synergies

** Co also says will target dividend cover of 2.5-3.5x adjusted oper profit, previously maintained progressive policy

** Bernstein analysts say break-up "makes sense", but add shareholders are unlikely to see capital returns in the short-term

** "Combined with a more conservative dividend policy, we think the stock could respond negatively this morning," Bernstein says

** Shares (Berlin: DI6.BE - news) defying a rally in broader markets - Stoxx 600 up 1.8 pct, Stoxx 600 Insurance Index up 2.6 pct (venkateshasoumithri.mamidipudi.thomsonreuters.com@reuters.net)