London-listed insurer Old Mutual has received regulatory approval from UK authorities for its $6.4 billion hostile takeover bid for Scandinavian insurer Skandia.
Old Mutual has received approval from shareholders holding 69.7% of equity in Skandia for its bid despite experiencing severe opposition from the Nordic insurer’s board. Old Mutual failed to convince the board of the bid during the seven months of talks with the Swedish insurer. Old Mutual has also extended the deadline to January 23 in the hope to persuade other investors.
Old Mutual said in a statement: Approval from a small number of other jurisdictions now remains outstanding, with approvals expected to be received shortly.