Old Mutual Extends Skandia Deadline
The South African insurance group Old Mutual says it will not raise its 5.6 billion dollar offer to take over Swedish financial services group Skandia.
But Old Mutual has extended the deadline for the deal, after the Skandia board and major Swedish institutional stockholders rejected the bid.
The American Paulson & Co. says it has bought another 1.5 million shares in Skandia, which makes the New York-based fund management company the second largest owner of Skandia, with more than 5 percent holdings.
Speaking to the newspaper “Svenska Dagbladet” CEO John Paulson says he favors the Old Mutual take-over.