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Article: OM's [pounds sterling]3.3bn bid for Skandia is official.
- Article from:
- Daily Mail (London)
- Article date:
- September 3, 2005
CopyrightCOPYRIGHT 2005 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: EDMUND CONWAY
SOUTH African insurer Old Mutual officially launched a [pounds sterling]3.3bn bid for Swedish rival Skandia, bringing its lengthy courtship to an end.
The merger would create Europe's eighth biggest insurer, worth [pounds sterling]7.9bn.
'This is an exciting opportunity for Old Mutual and Skandia alike,' said OM chief executive Jim Sutcliffe.
'The two of us together are more powerful than either of us alone.' He said the merger benefited from an 'excellent fit, little overlap, compatible products and similar philosophies.' But the news met with a lukewarm reception in the UK, after it emerged OM was paying more ...