Skandia suitor suffers bid blow

UK financial services group Old Mutual vowed to press ahead with a £3.3bn (€4.9bn) offer for Skandia today, despite failing to win over the insurer’s board.

The group will go direct to Skandia shareholders next month with proposals to create a company with a value of almost £8bn (€11.8bn) and a strong position in the markets of South Africa, UK, Sweden and the United States.