As the deadline for final acceptances of the offer from Old Mutual for Skandia is now less than a week away, there are continued question marks over just what business improvements can be delivered by Old Mutual becoming the majority shareholder and moves are still ongoing by those yet to accept the bid which could leave Skandia with a separate listing.
Final deadline for the Old Mutual offer is 12th January, but on Wednesday this week the Second Swedish National Pension Fund – one of the default funds set up following restructuring of the Swedish pension system in recent years - warned publicly for the first time “if the amount of the current offer is not increased, the proportion of minority shareholders in Skandia will be significant”. “The Second Swedish National Pension Fund/AP2 is coordinating the activities of large minority shareholders during negotiations with Old Mutual, concerning a joint ownership of Skandia as an exchange-l...
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