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Old Mutual lodges formal offer for Skandia

Old Mutual has made a formal offer of 3.3bn to the Skandia board conditional on the latter recommending shareholders accept by 23 September.
Old Mutual admits it has so far garnered support from only 17 per cent of Skandia’s shareholders but is confident of getting the majority it needs in the next three weeks.
The offer, a hostile bid, breaks down as 39.3 per cent cash and 60.7 per cent equity.

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