Anglo-South African insurer Old Mutual said on Friday that investors owning more than 88% of shares in Swedish rival Skandia have accepted its hostile takeover bid.
The group also said that the deadline for its â,¬4,8-billion (about R35-billion) offer has been extended to March 14.
”Old Mutual is pleased to announce that acceptances … are in excess of 88%” at the close of business on Thursday, the statement from the group to the London Stock Exchange said.
Two weeks ago, on January 27, the company had said that it had received acceptances for 72,1% of shares in the company.
Last September, Old Mutual lodged a hostile offer of 43,60 kronor (â,¬4,70) per Skandia share, valuing Skandia at 44,9-billion kronor.
Old Mutual had originally targeted an acceptance level of 90%, which would allow it to remove the listing of Skandia shares on the Stockholm stock exchange.
The bid by Old Mutual, which would create one of the biggest insurance groups in Europe, is also aimed at reducing the Old Mutual’s dependence on the South African market. — Sapa-AFP