TRADING in the shares of Skandia, the financial services giant which has its UK arm headquartered in Southampton, was suspended yesterday amid takeover speculation.
As reported in yesterday's Daily Echo, South Africa's largest insurer, Old Mutual, has indicated an interest in the Swedish-owned company.
Skandia is one of Southampton's biggest employers with some 1,700 staff.
The UK arm, which made £160m profits last year, has one million policy holders, manages assets of £20 billion and is itself worth £1 billion.
Old Mutual, which would have to pay £3 billion for the Skandia empire, said: "Discussions are at an early stage and may or may not lead to Old Mutual making an offer for Skandia."
Skandia said: "For some time now there have been speculations about different strategic possibilities as regards Skandia's future direction and about the value of Skandia's shares. Skandia also frequently receives various proposals from potential partners.
"Skandia has long had a policy of not commenting on rumours regarding strategic possibilities or the value of Skandia's shares."
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