South African insurer Old Mutual is set to top the 50% acceptance level it needs to control Sweden's Skandia fund management group. Shareholder support for its hostile £3bn (€4.4bn) bid is due to be disclosed tomorrow or Wednesday.

Per Gronborg, analyst at Alfred Berg's Copenhagen office, told Financial News today: "The likelihood they [Old Mutual] will get 50% is very high. In the first round 60% to 65% is a fair guess. When control goes [from Skandia to Old Mutual] some of the old nationalistic Swedish resistance will fade."