Eight Swedes, diced and roasted

What counts for more? Your reputation as a Swede? Or your reputation as a businessman? The question has split the board of Skandia. Five of the Swedish insurer’s directors have rejected a SKr45bn (E4.8bn) takeover bid from Old Mutual. Yet three have dissented and backed the South African insurer’s offer. The result? Far from giving guidance to investors, the board has descended into a vegetative state. The naysayers assert that a deal makes no strategic sense, and that Old Mutual’s offer is mea...