Old Mutual closed its offer for Skandia last week after securing 72.3 per cent of the Swedish investment giant, falling just short of the 75 per cent it needs to claim tax benefits.

However, Old Mutual is expected to build up its ownership with on-market deals. Skandia has scheduled an extraordinary general meeting on February 21 where the structure of the new board will be decided. Old Mutual appointees are expected to dominate the new board but Swedish pension funds which opposed the deal still hold a significant portion of Skandia and may push for board representation. The bitter fight between the South African insurer and Skandia has obscured long-term plans for the company and called into doubt the Swedish group’s so-called ‘Turbo Plan’, which would have centralised several functions including investment research and platform fee negotiations with fund managers.