South African insurer Old Mutual today unveiled a formal bid for Skandia, one of Sweden's largest life insurance companies. The cash and shares offer values the company at £3.3bn (€4.8bn). Skandia said it would assess the bid.

Deutsche Bank is lead adviser to Old Mutual, with Merrill Lynch and Lazard acting as co-advisers. Morgan Stanley is sole financial adviser to Skandia, and Skadden, Arps, Meagher, Slate, & Flom is its legal adviser.