The proposed R38-billion takeover of Swedish life insurer Skandia by South African financial and insurance giant Old Mutual plc has been approved by the Swedish Financial Supervisory Authority (FSA), Old Mutual said in a statement on Friday.
The transaction has now received all the requisite approvals from anti-trust authorities in the various countries affected, Old Mutual said, including the United Kingdom Office of Fair Trading. Other regulatory approval processes are proceeding well.
On Thursday, Old Mutual CEO Jim Sutcliffe said the group hopes to have all of the necessary regulatory approvals in place by mid-January.
The offer to Skandia shareholders closes on December 16, although Old Mutual reserves the right to extend it further should it receive more than 50% shareholder approval by that time.
By 10.40am local time, Old Mutual’s share price was 0,71% or 12 cents higher on the JSE, at R16,95 from R16,83 at Thursday’s close. By comparison, the FTSE-JSE Insurers index (J084) was up 0,51% so far on the day. — I-Net Bridge