Stock exchange investigates Skandia bid

The Stockholm Stock Exchange has said it is investigating whether Old Mutual's bid for Swedish insurer Skandia Insurance Co followed best practice, and could refer the matter to Sweden's securities watchdog.

Anders Ackebo, the head of listing and surveillance at the exchange, did not disclose the details of the investigation into the South African financial services giant’s 45 bln kronor cash-and-shares bid for Sweden’s largest insurer.

But the Financial Times quoted him as saying: “We are concerned about the (press) leaks that have taken place, among other things, and expect to come to a decision about whether best practice was followed within a week.”