Mutually assured

Old Mutual is turning the screws on Skandia. The South African insurer’s formal SKr45bn (£3.3bn) cash-and-stock offer represents a 23% premium to its Swedish counterpart’s estimated fair value. But it depends on the Skandia board giving a recommendation within three weeks. Jim Sutcliffe, Old Mutual’s chief executive, has not made it easy for Skandia to wring out a better price. He is offering £1.2bn in cash, plus 26% of a combined group worth roughly £7.8bn. That prices the offer at £3.2bn – a £...