Shareholder opposition grows to Skandia takeover

The fund giant Robur, which owns 2% of the shares in Skandia, has joined the list of shareholders who are opposed to the takeover bid by British-South African rival Old Mutual.

Three other funds, First AP fund, Second AP fund and Fourth AP fund have already given a clear ‘no’ to the bid. But Robur’s decision increases the shareholding of those opposed to the deal to 8%.

Even if the Skandia board was not united, this statement of opposition to Old Mutual’s bid was difficult for Robur, said Marianne Nilsson, head of owner management at the company:

“Now it becomes a hostile takeover, with all that means,” she told TT.

“We also think that the bid does not sufficiently value Skandia’s future possibilities. But we have simply said that we consider Skandia to be worth more than the 42 kronor [per share] that Old Mutual is offering.”

According to Marianne Nilsson, it is important to look at what kind of company will be created in an eventual merger between Skandia and Old Mutual:

“Where the companies overlap is limited. The synergies Old Mutual talks about could be taken forward by Skandia by itself. We believe that there is a good stand-alone alternative for Skandia.”

TT/The Local