Four out of six elected directors of Skandia now come from Old Mutual following the Extraordinary General Meeting that has taken place this week, effectively putting the UK-based South African insurer in charge of Sweden's biggest listed insurer.
OM has also re-confirmed that it holds 89.54% of Skandia shares – first announced on 15 February, when it also said it was extending the offer period until 14 March. James Sutcliffe, OM chief executive and now chairman of Skandia has told the EGM that OM will initiate a process of compulsory purchase of minority share holdings when the company owns more than 90% of shares, although this process is unlikely to take place before new Swedish legislation coming into effect on 1 June this year. Other OM people now on Skandia’s board include Julian Roberts – OM group finance director and no...
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