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Skandia Says Stockholm Listing Will Remain

The Swedish financial services group Skandia has acknowledged that South Africa’s Old Mutual has bought a majority of shares.

But Skandia says the company will remain listed in Stockholm.

The comment comes the day after Old Mutual announced investors holding 62.5 percent of Skandia shares have accepted its hostile takeover bid. In a statement, Skandia’s board says the company will remain listed because a large number of shareholders have not accepted the offer, and those who have still have a few weeks to change their minds.

Skandia says its board and management will now engage in discussions with Old Mutual over how they wish to proceed.

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