A large international shareholder in Skandia has withdrawn its support for the £3bn (€4.37bn) hostile bid from South African group Old Mutual. The move comes amid reports that a group of investors in the Swedish life insurer are preparing a new wave of opposition to the takeover.

Dow Jones Newswires reports that an unnamed foreign shareholder owning about 5% of Skandia has withdrawn its earlier acceptance of the bid because it wants Old Mutual to increase the offer price.