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Old Mutual Owns 98.09% in Skandia

Published fredag 17 mars 2006 kl 12.44

Anglo-South African insurer Old Mutual announced Thursday that it now owns 98.09%in Skandia, clearing the way for it to take full control of the Swedish company.

Old Mutual said in an official statement to the London Stock Exchange that its US 5.6 billion bid was now closed, while a further update would be given on March 22.

The remaining shares will be obtained by a compulsory purchase procedure, under Swedish stock exchange rules, and this is expected to begin in June.

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