{"id":4103,"date":"2006-03-09T00:00:00","date_gmt":"2006-03-09T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"old-mutual-skandia-deal-reflects-hedge-fund-role","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/03\/2006\/old-mutual-skandia-deal-reflects-hedge-fund-role.html","title":{"rendered":"Old Mutual-Skandia deal reflects hedge-fund role"},"content":{"rendered":"

MarketWatch – Late into dinner with investment bankers at the upscale Stockholm restaurant Divino in mid-November 2004, Swedish hedge fund investor Christer Gardell got the call he was waiting for: Carl Icahn was agreeing to invest in Sweden’s oldest listed company, with plans to fix or sell the scandal-studded giant.<\/p>\n

\n

“He asked me one last time if I was really sure about this one,” Gardell recalls. “I said, ‘Yes,’ and that was it. We were on.” <\/p>\n<\/div>\n

\n

Over the next few days, Icahn and Gardell each invested EUR60 million in Swedish insurer Skandia Foersaekrings AB (SDIA-SEK.SK), betting that new management could take its beaten-down stock in only one direction. <\/p>\n<\/div>\n

\n

Only six months later, word was out that Skandia was on the block and, within 10 months, South Africa’s Old Mutual PLC (OM.LN) had made a bold bid, triggering a protracted takeover struggle that’s only now coming to a close. <\/p>\n<\/div>\n

\n

Tendering their shares to Old Mutual last month, Icahn and Gardell reaped a combined EUR106 million on top of their investment, according to Gardell. <\/p>\n<\/div>\n

\n

As Old Mutual’s $6.9-billion (SEK54.89 billion) acquisition of Skandia draws to a close, the role of hedge funds in advancing the deal is just now emerging. <\/p>\n<\/div>\n

Read Complete Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

MarketWatch – Late into dinner with investment bankers at the upscale Stockholm restaurant Divino in mid-November 2004, Swedish hedge fund investor Christer Gardell got the call he was waiting for: Carl Icahn was agreeing to invest in Sweden’s oldest listed […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4103","post","type-post","status-publish","format-standard","hentry","category-syndicated"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=4103"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4103\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=4103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=4103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=4103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}