Skandia fights to retain independence

The announcement follows the news yesterday that Old Mutual has received acceptances of its offer on 62.5% of all the shares in Skandia enabling it to proceed with its offer for the insurer. Old Mutual also announced yesterday that it was extending the acceptance period until 12 January 2006 and that it had not yet received the requisite approvals from all regulatory authorities. Skandia however this has hit back this morning telling its shareholders they will still have the right to withdraw tendered shares during this period. It had been thought the Skandia board might conceded defea...