Skandia withdraws from stock exchange
The Local · 23 Mar 2006, 16:16
Published: 23 Mar 2006 16:16 GMT+01:00
Old Mutual now owns 98.73 percent of the shares in Skandia, Sweden's oldest listed company, following a hostile takeover bid launched last September.
Swedish stock market rules mean that an acceptance level of 90 percent is enough to allow the removal of a company's listing on the Stockholm exchange.
The company said that Skandia no longer met the Stockholm Stock Exchange's requirement for spread of ownership.
Skandia said that Old Mutual would start proceedings to acquire the outstanding shares in the company when new Swedish legislation is introduces in June.