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Thursday, October 09, 2008

Nationwide Mutual Insurance Gobbles Up Remaining Nationwide Financial Services Shares

FOXBusiness

Nationwide Mutual Insurance Co. said Thursday it will purchase all the shares of Nationwide Financial Services (NFS) that it doesn’t already own for $52.25 per share.

Nationwide, based in Columbus, Ohio, sought to reassure investors and policy holders in a statement released announcing the transaction.

“Financial markets have been severely dislocated and many companies in our industry have suffered impairments in their investment portfolios. Nationwide has also incurred impairments, but remains a strong and viable company,” the statement said.

Nationwide Financial’s stock has fallen 17% in the past week.

“Stock market volatility has adversely affected the value of virtually all stocks, including the recent significant decline in the price of NFS shares. Nationwide believes this relates, at least partially, to the desire of market participants for liquidity,” the company’s statement said.

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