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OldMut steps up Skandia bid

Old Mutual says it is looking at improving its 3.1bn cash and stock offer for Skandia.

Old Mutual believes it has the support of the majority of the big shareholders it has held discussions with and expects to table a formal offer shortly.

The deal outlined comprises a 40 per cent cash offer of 308p per share, with the remaining 60 per cent paid for in stock. Although Old Mutual believes it can garner considerable support for the bid, it says it is considering “selected modifications” to the offer to secure the Skandia board’s backing.

The Skandia board is bel-ieved to be holding out for a higher bid but has not yet had formal offers despite a host of suitors being linked to the firm.

Since Old Mutual first notified the market of its interest, Skandia’s share price has risen by almost 20 per cent and is now trading fractionally below the 309p offer price.

An Old Mutual spokesman says: “Old Mutual is considering selected modifications to the proposal to address issues raised by the board of Skandia.”

A Skandia spokesman says: “Discussions with Old Mutual are continuing.”


‘Extend DTI exemption to IFAs’

A Department of Trade and Industry decision to exempt general insurance and mortgage advisers from having to file a statutory audit should be extended to include the majority of advisers, according to a compliance expert. The DTI says amendments to the Companies Act 1985 mean that from October, general insurance and mortgage advisers will only […]

Women’s pensions penalised

How do we penalise women’s pensions? Let me count the number of ways:1: Designed for another era2: Ten-year rule3: Part-time work and low pay4: Home responsibility protection inadequate5: Tax relief6: Occupational pensions7: Pension credit8: Contracting out9: Annuities10: Reliance on husband’s pensionThe idea of a citizen’s pension, earned in their own right, by everyone who lives […]

Standard pushes online aggregation

Standard Life is to target IFAs with an online banner campaign encouraging them to use online aggregation services that can collate valuations on clients complete portfolios instantly.

Caught in the extranet

Two weeks ago, I looked at some of the arguments for and against fund management groups, recognising that the majority of new fund business is being originated via fund supermarkets and achieving economies by dismantling their own distribution operations both for direct business and advisers.

A bull case for US equities?

Neptune video: a bull case for US equities?

Watch Felix Wintle, head of US equities at Neptune, discuss why he believes US equities are in a structural bull market and the key factors that can drive the S&P 500 higher.

In the video, Wintle addresses the following:

• The US market and why — despite equities rising from 2009 — he believes the structural bull market only started in 2013
• Key economic and corporate factors that can drive the S&P 500 higher
• Investment themes and sectors offering exposure to the domestic recovery


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