Corporate Governance In Modern Financial Capitalism Old Mutual's Hostile Takeover of Skandia

Author: Markus Kallifatides; Sophie Nachemson-Ekwall; Sven-Erik Sjöstrand
Publisher: Edward Elgar Publishing
ISBN: 9781848446847
Published In: May 2010
Format: Hardback , 448 pages
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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This insightful book focuses upon corporate governance processes, and explores the conditions required for effective corporate governance and control in 21st century globalized and financialized economies. In presenting a comprehensive study of a cross-border hostile corporate take-over process, describing the actors, institutions and events involved, this book examines and questions the current forms of corporate governance and control – both from a national and a global perspective. Using Old Mutual’s takeover of Skandia as a case study, the authors address corporate governance theory, and highlight its two fundamental dimensions: financial and operational flows.

An important conclusion of the book is that the motives and theories of contemporary financial markets appear to have gained in importance at the expense of the corresponding operational considerations, something that has dramatically changed the rationales of different types of actors. The book critically questions these transformations, calling for the reconsideration and redesign of regulating institutions and corporate governance processes.

This critical investigation of the competition for corporate control in the era of modern financial capitalism will prove a fascinating read for students, academics and researchers in the fields of corporate governance, finance and international business. It will also appeal to policymakers and practitioners within the realms of corporate finance, banking and the wider financial services industry.

Part I: On Corporate Control and Governance Processes in Financial Capitalism

1. A Theoretical Platform Part II: A Case Overview

2. The Old Mutual–Skandia Case: Actors and Context

Part III: A Target Company: Skandia Before April 2004

3. A Success – and a Crash

4. Skandia Life UK

5. A Takeover Target

Part IV: The Actors in the Skandia Takeover: Skandia 2004

6. A New CEO, Board and Shareholder Composition

7. Rebuilding Skandia

8. Working for a Stand-alone Case or Heading for a Structural Deal?

9. New Kinds of Shareholders Enter the Scene

10. Old Mutual Part V: Old Mutual Goes for Skandia: (December 2004 to August 2005)

11. Growing Unease on the Skandia Board

12. An Indicative Bid Leaks Out

13. Summer of Due Diligence

14. Old Mutual’s Friendly Bid Part VI: Old Mutual Acquires Skandia: (Summer 2005 to Spring 2006)

15. A Divided Board

16. A Controversial Bid

17. Trying to Keep Skandia Independent

18. A Hostile Bid

19. Hedge Funds Intervene

20. Facing a New Reality

21. Old Mutual Acquires Skandia

Part VII: Conclusions

22. Some Conclusions on Corporate Control and Governance Processes in Financial Capitalism

Markus Kallifatides, Associate Professor, Stockholm School of Economics, Sophie Nachemson-Ekwall, MSc, Stockholm School of Economics and Sven-Erik Sjöstrand, Matts Carlgren Professor of Management, Stockholm School of Economics, Sweden