Skandia Shooting the messenger

So it’s Goldman Sachs to the rescue. The investment bank is stepping in to advise Skandia on its defence against Old Mutual’s E4.8bn takeover approach. It’s a huge test for Wall Street’s pre-eminent M&A adviser. The Swedish insurer has just fired Morgan Stanley because it disagreed with the firm’s suggestion that Old Mutual’s offer was fair. ABN Amro, which agreed with Morgan Stanley, appears to be receiving no new work from Skandia either. The situation is a colossal mess. Skandia’s 11-member ...