Old Mutual to merge platforms in Skandia takeover

Updated at 16:08 Just announced this afternoon, Old Mutual has announced it will pay Sek44.9bn or £3.3bn if shareholders approve the takeover of Skandia Group, equivalent to a 25% premium on the existing Skandia share price. Although no clear details are available at this stage, in a presentation to shareholders this afternoon, Old Mutual officials said the firm will merge the Old Mutual and Selestia open architecture platforms but see many opportunities for growth in the wrap market. At the other end of the scale, however, concerns have been expressed about the financial position ...