SWEDEN - AP1 and AP4 have followed the lead of their sister fund AP2, which relinquished its 3.5% stake in Skandia earlier this week, both pulling shares from the Swedish insurer.
The moves follow Old Mutual’s successful bid to secure majority (72.1%) control of Skandia last week. AP2 had voiced serious concerns that the firm had no intention of addressing the interests of minority shareholders to “any reasonable extent”.
In a statement, the e18.4bn AP1, which had a 1.3% stake in Skandia, claimed it could “not see any possibilities” for a positive development as a minority shareholder.
Ossian Ekdahl, head of corporate governance re-emphasised the point:“We couldn’t see any upside by being a shareholder in Skandia when we would be a minority together with others and to my knowledge it would be too small to have any decision making impact.” The vice president of the SEK180.2bn (e19.4bn) AP4, Björn Franzon, said the fund had sold “most” of its shares in Skandia but was not prepared to comment any further on the issue. AP4 previously had a 1% stake in the company.
AP3, the other of the four state-owned buffer funds, does not have any holdings in Skandia. By Daniel Flatt
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