Skandia withdraws from stock exchange

Swedish insurer Skandia, which has been bought by Anglo-South African Old Mutual, has said it is applying to delist its shares from the Stockholm and London stock exchanges.

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.