Old Mutual confident of Skandia victory

Old Mutual, the South African financial services group, today said it was confident of winning control of Skandia despite opposition of the Nordic group's board to its $3bn (€4.5bn) bid.

The claim came as Skandia's shareholder register indicated that 70% of its shares were now held by foreign investors who are more likely to back the bid, according to a Skandia spokeswoman.

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