Old Mutual has declared its offer for Skandia as wholly unconditional remaining open until February 9, with final settlement expected by February 17 2006.
72.3 per cent of Skandia’s shareholders have now accepted the offer, with the firm announcing an extraodinary general meeting for February 21, to elect a new board. Skandia’s UK arm says it welcomes the resolution of the group ownership issues and looks forward to working with the new Skandia board.
Skandia UK managing director Nick Poyntz-Wright says: “The period of speculation regarding a bid for the Skandia Group, which began in May 2005, did not in any way cause the UK management to take our eyes off the ball in terms of continuing to build a strong business. However, we welcome the fact that the matter has now been resolved.”