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| Saturday, December 17, 2005 |

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CIMA Gallary

Old Mutual ahead in race for Skandia

MUTUAL FUND

FUND EQUITY: DIVERSIFIED	NAV	Change	RETURNS				Size
			3-Month	1-Year	3-Year	Lifetime
Analysts expect more than 60 per cent of Skandia shareholders to accept the mixed cash and share offer. The firm may then extend the acceptance period, they added.
Old Mutual declined to comment on whether it would extend the offer period beyond Friday.
Estimates from six analysts showed Old Mutual getting between 55 per cent to 90 per cent support, with the average at around 66 per cent.
?I think they will get 55-65 per cent in round one, and then they will prolong the bid, which will increase the acceptance level further, may be to 75 per cent,? said Per Gronborg, analyst at Alfred Berg.
Old Mutual?s London-traded shares were up 0.65 per cent at 154 pence, while Skandia was up 0.22 per cent in Stockholm at 45.60 crowns. At 154 pence the bid valued Skandia at 48.66 crowns per share.
At 75 per cent acceptance Old Mutual can achieve UK tax synergies and at 90 per cent can force minority shareholders in Skandia to sell.

Old Mutual recently cut its acceptance goal to 50 per cent of Skandia from 90 per cent.