Skandia

Figures published today by Swedish insurer Skandia suggest the makeup of its Nominating Committee could be as split as its own board over the merits of the bid offer from Old Mutual.

Skandia chairman Bernt Magnusson has this morning announced his departure from the company, citing a board split over the bid from Old Mutual as the main reason for not staying.

A target of 90% acceptance by Skandia shareholders outlined by Old Mutual is under pressure after yet another Swedish institutional shareholder has declared itself against the deal.

A number of Swedish institutional shareholders have rejected Old Mutual's bid offer for Skandia, citing too low a price and uncertainty over the level of benefits the proposed business model would bring.

Skandia board chairman Bernt Magnusson and board director Lennart Jeansson have strongly defended the board's decision to publicise its internal split over the OM bid.

A split Skandia board has today rejected a takeover bid from Old Mutual as directors argue it is a poor deal for shareholders.

The Stockholm Stock Exchange has referred suspected insider trading of shares of insurance group Skandia, linked to a bid by Old Mutual, to the country's two main financial watchdogs.

Old Mutual says it will merge the open architecture systems by Selestia and Skandia and cut costs at Bankhall if its bid to buy Skandia Group for £3.3bn is successful.

The rush to put residential property into self-invested personal pensions following A-Day, as anticipated by the industry, is only likely to attract a specific niche of individuals, new research indicates.

Raj Hallen has left Premier Asset Management to join the multimanager team at Skandia.