Old Mutual bid for Skandia likely

STOCKHOLM – Shares in Swedish savings firm Skandia were suspended from trade on the Stockholm bourse on Friday morning, the exchange said, with a bid for the firm from South Africa’s Old Mutual likely.

A spokesman for the Stockholm exchange said there would be more information later on why the shares were suspended. A source earlier told Reuters that South Africa’s largest insurer, Old Mutual, would formally announce a bid for Skandia later in the day at around 42 Swedish crowns per share.Old Mutual, which has talked with Skandia since May, said last week it was mulling a US$5,8 billion (N$36,54 billion) bid for the firm, paying 40 per cent in cash and 60 per cent in own shares, but that it was adjusting the details to gain the blessing of Skandia’s board.-Nampa-ReutersA source earlier told Reuters that South Africa’s largest insurer, Old Mutual, would formally announce a bid for Skandia later in the day at around 42 Swedish crowns per share.Old Mutual, which has talked with Skandia since May, said last week it was mulling a US$5,8 billion (N$36,54 billion) bid for the firm, paying 40 per cent in cash and 60 per cent in own shares, but that it was adjusting the details to gain the blessing of Skandia’s board.-Nampa-Reuters