Old Mutual today moved closer to its target of reaching 90% acceptance in its hostile takeover bid for Skandia after a minority shareholder group opposed to the deal advised its members to sell their stakes. The South African insurer said it already has 88%.

Old Mutual extended the closing date for acceptances to March 14 after revealing in a regulatory statement that the Swedish Shareholders Association, a group of minority shareholders which had opposed the €4.8bn ($5.6bn) bid, had now told its members to sell.