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Jupiter call to reject Old Mutual bid for Skandia

Jupiter has added its voice to the debate over Skandia’s future, saying Old Mutual’s bid for the Swedish firm is a bad idea.

Jupiter has about a 2 per cent shareholding in Old Mut-ual. Financial opportunities fund manager Philip Gibbs says: “We are confident that if shareholders make public their views to Old Mutual, it will be forced to pull out of the talks.”

Morley, which holds about 3 per cent of Old Mutual, says the firm’s move is a departure from its stated strategy of buying closed life books in the UK.

Last week, Investec, which owns just under 1 per cent of Old Mutual, was reported to support the bid but says this does not mean it will participate in a stock issue to fund it.

IFA Interface director Alan Moran says: “What can us small players do other than stand and watch? Jupiter’s and Morley’s opinions are likely to make more of a difference to Old Mutual.”

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