Old Mutual will only require 50 percent of the shareholders in Swedish company Skandia to accept its $5-billion takeover offer, down from the previous 90 percent.

Old Mutual chief executive Jim Sutcliffe said the company's own shareholders had demonstrated their overwhelming support for the transaction.

"A significant number of Skandia's shareholders remain equally supportive," he said.

"Therefore we are accelerating the offer process by clarifying the acceptance level we require by 16 December. Regulatory applications are progressing well and we remain utterly committed to bringing this transaction to a close as soon as possible. "

All other outstanding terms and conditions of the offer remain unchanged.

Old Mutual said if it received valid acceptances in respect of more than 50 percent of the total number of shares and votes in Skandia by December 16, it reserved the right to extend the acceptance period and to defer the date for settlement of the offer.

Old Mutual shares slipped 0.24 percent to end at 16.83 rand on the JSE, while Skandia shares 1.58 percent to 45 Swedish kronor on the news.

Sapa

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