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Old Mutual vows to fight on as Skandia rejects bid

Old Mutual, the South Africa-based life insurer, this morning said it planned to proceed with its bid for Skandia after the Swedish insurer's board rejected its Skr 43bn (€4.59bn) takeover offer.

Skandia said in a statement: "The offer is not attractive for Skandia's shareholders. The board therefore advises the shareholders of Skandia against accepting the offer."

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