Old Mutual's offer for Swedish insurer Skandia closed at midnight on Friday, and analysts are anticipating it has won control of the group.

According to Business Day, Old Mutual is expected to make an announcement this week to say its R38-billion offer had been successful.

Analysts expect Old Mutual to achieve at least its 50 percent minimum acceptance level required to proceed with the deal. If it achieves less than 50 percent acceptance, it Old Mutual has said it would walk away from the deal.

Old Mutual launched the bid a year ago, with the aim of becoming an international financial services group with footholds in South Africa, the US, Britain and Europe.

Shares rose 1.27 percent to end at 17.48 rand on the JSE on Thursday.

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