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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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Derek discusses a number of Œself-help stories as examples of where he is finding good opportunities in the UK With the FTSE trading at historically high levels, many investors have questioned whether UK equities continue to offer value. But, as Derek points out, the headline figures mask many opportunities at a sector level. He has […]


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