Old Mutual Claims Skandia Majority

The South African insurer Old Mutual says it has won the support of investors holding 62.5 percent of shares in its hostile takeover bid for the Swedish financial services group Skandia.

Initially Old Mutual said it wouldn’t go through with the takeover without 90 percent support. That target level was slashed after Skandia’s board rejected the 6 billion dollar offer. The deadline for the bid has also been extended until January 12th.

The Swedish Shareholders’ Association, one of the most outspoken critics of the deal, says it will continue to fight.