Skandia results, appointments continue battle

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Skandia's management has come out batting hard following publication of third quarter results this morning, despite Old Mutual's own Extraordinary General Meeting yesterday, which drew strong support from its shareholders to continue the hostile bid for the Swedish insurer.

More than 92% of OM shares were cast in favour of the bid, and OM subsequently announced it was extending the offer period to mid-December. Skandia today has reiterated its stance suggesting its own shareholders will do better by rejecting the bid and remaining owners of an independent company. Revenues were up 16% on the same quarterly period last year, although expenses were significantly up by 12%, mainly as the result of “structural costs” linked to responding to OM’s bid. Stripping out the bid costs would mean expenses increased by 7% over the period, Skandia says. The nine-mo...

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