Old Mutual Launches $6.02B Bid for Skandia - NewsOn6.com - Tulsa, OK - News, Weather, Video and Sports - KOTV.com |

Old Mutual Launches $6.02B Bid for Skandia

Updated:
STOCKHOLM, Sweden (AP) _ South African financial services group Old Mutual PLC on Friday launched a 44.9 billion kronor ($6.02 billion) takeover bid for Swedish insurer Forsakrings AB Skandia.

The offer for Sweden's largest insurer amounts to 43.60 kronor ($5.85) per share and has to be approved by the Skandia board of directors before Sept. 23.

The bid was widely expected after Old Mutual, which is listed on the London exchange, announced in May that it was in merger talks with Skandia.

The deal would give Skandia shareholders 16.50 kronor ($2.21) in cash and 1.37 New Old Mutual shares for each Skandia share, Old Mutual said.

Skandia said it will evaluate the offer and issue a response no later than when Old Mutual publishes a prospectus on the offer.

``Skandia's opinion will be accompanied by a fairness opinion,'' the company said.
Powered by Frankly
News On 6
303 N. Boston Ave.
Tulsa, OK 74103
Newson6.com is proud to provide Oklahomans with timely and relevant news and information, sharing the stories, pictures and loves of Oklahomans across our great state.
All content © Copyright 2000 - 2017 KOTV. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.