Corporate governance in modern financial capitalism: old mutual’s hostile takeover of Skandia
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | Undetermined |
| Veröffentlicht: |
Cheltenham [u.a.]
Elgar
2010
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis Klappentext |
| Beschreibung: | XIII, 429 S. graph. Darst. |
| ISBN: | 9781848446847 |
Internformat
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Datensatz im Suchindex
| _version_ | 1804140742576177152 |
|---|---|
| adam_text | Contents
List of figures x
About the authors
xi
Preface
xii
Introduction
xiii
PART I ON CORPORATE CONTROL AND GOVERNANCE
PROCESSES IN FINANCIAL CAPITALISM
1
A theoretical platform
3
1.1
The purpose of this work
3
1.2
Setting the scene: early twenty-first century financial
capitalism
4
1.3
An extensive empirical case study
7
1.4
Actors and institutions
10
1.5
Two perspectives on the corporation
14
1.6
Towards a revised theory of corporate governance
17
1.7
Shareholder rationales differ
21
1.8
Institutional differences create arbitrage opportunities
24
1.9
A few concluding remarks
31
PARTII
A CASE OVERVIEW
2
The Old Mutual-Skandia case: actors and context
39
2.1
A changing context
39
2.2
A turbulent period
40
2.3
Skandia
in the early twenty-first century
41
2.4
Old Mutual up to the millennium
42
2.5
The main ingredients in our narration
44
2.6
Book overview
47
PART III A TARGET COMPANY:
SKANDIA
BEFORE
APRIL
2004
3
A success
-
and a crash
55
3.1
Skandia
2003 -
a troubled company
55
Corporate governance in modern financial capitalism
3.2
Shareholding restrictions
55
3.3
Skandia s successful unit-linked business
57
3.4
The embedded-value method
60
3.5
A crash
62
3.6
A tarnished brand
64
Skandia
Life UK
68
4.1
A strained relationship
68
4.2
The acquisition of
Bankhall
71
4.3
A power struggle
72
5
A takeover target
74
5.1
Changes in shareholding and board composition
74
5.2
A nomination committee
76
5.3
Passive shareholders
78
5.4
Turning the page with a new chair
80
5.5
Trying to form a future
81
5.6
A cancelled merger plan
82
5.7
A bonus scandal
84
5.8
Further shareholder changes
85
5.9
Skandia
-
a post-crisis company
86
PART IV THE ACTORS IN THE
SKANDIA
TAKEOVER:
SKANDIA
2004
6
A new CEO, board and shareholder composition
91
6.1
A new CEO:
Hans-Erik Andersson
91
6.2
A new set of shareholders
93
6.3
The new board of directors
96
7
Rebuilding
Skandia
107
7.1
A platform
107
7.2
The AGM on
15
April
2004 108
7.3
A change of leadership
109
7.4
Governance ambiguities
113
8
Working for a stand-alone case or heading for a structural deal?
116
8.1
Internal problems
116
8.2
Presenting the Glue plan
1
1
9
8.3
Project Pegasus
122
8.4
Skandia
goes for stand-alone
125
8.5
Reporting the second quarter
2004 127
8.6
Shareholder activity
129
8.7
Skandia s CEO still in the driving seat
131
Contents
vii
9 New
kinds of shareholders enter the scene
136
9.1
Christer Gardell
looks for allies
136
9.2
Skandia
becomes a target
138
9.3
Chair
Bernt Magnusson: Skandia
open to sale
140
9.4
Activist
Gardell
acts
143
10
Old Mutual
147
10.1
The history of Old Mutual
147
10.2
Old Mutual expands abroad
149
10.3
An emerging interest for
Skandia
150
PART V OLD MUTUAL GOES FOR
SKANDIA
(DECEMBER
2004
TO AUGUST
2005)
11
Growing unease on the
Skandia
board
159
11.1
The
Skandia
board meeting on
22
December
2004 159
11.2
Christmas activities
160
11.3
Skandia s Turbo plan
162
11.4
Board dispute about the Morgan Stanley agreement
163
11.5
A first visit from Old Mutual
166
11.6
Growing tension on the
Skandia
board
168
11.7
Icelandic support for Cevian
171
11.8
Settlement with former chair Lars Ramqvist
172
11.9
Old Mutual prepares a bid
176
12
An indicative bid leaks out
179
12.1
New attempts to control the businesses in the UK
179
12.2
Old Mutual enters the arena
180
12.3
Structuring a cross-border bid
182
12.4
Old Mutual s proposal leaks out
185
12.5
Sceptical media
188
12.6
A board agreement on the Turbo plan
191
13
Summer of due diligence
195
13.1
Different opinions regarding Old Mutual s indicative
bid
195
13.2
The suitors
198
13.3
A difficult board meeting
202
13.4
A letter from Fidelity
205
13.5
Lengthy due diligence
207
13.6
Attempting to sell parts of
Skandia
208
14
Old Mutual s friendly bid
213
14.1
Trouble with financing the bid
213
viii
Corporate governance in modern financial capitalism
14.2
The Morgan Stanley agreement
214
14.3
An eroding
Skandia
contest
215
14.4
A formal bid from Old Mutual
216
14.5
Meeting with Skandia s larger institutional shareholders
221
PART VI OLD MUTUAL ACQUIRES
SKANDIA
(SUMMER
2005
TO SPRING
2006)
15
A divided board
227
15.1
The Fourth National Pension Fund states its position
227
15.2
Different opinions on Old Mutual s qualities
230
15.3
Two camps emerge on the
Skandia
board
232
15.4
A second shareholder meeting
235
15.5
A week of media speculation
237
15.6
Soft
irrevocables
from shareholders
242
15.7
The public bid
243
16
A controversial bid
247
16.1
Old Mutual s bid for
Skandia
247
16.2
Early reactions to the bid
249
16.3
Initiating a board document
252
16.4
Emerging shareholder activity
252
16.5
Old Mutual top management meets the
Skandia
board
254
16.6
A cascade of arguments
256
17
Trying to keep
Skandia
independent
260
17.1
Activities in and around the Swedish AP funds
260
17.2
A critique of Morgan Stanley
263
17.3
The conflict with the Brits continues
264
17.4
Publishing the Turbo plan
265
17.5
A delicate political issue
266
18
A hostile bid
269
18.1
Public relations problems
269
18.2
Short selling
Skandia
shares
270
18.3
Planning for a blocking minority
271
18.4
Board vote and press conference
272
18.5
Swedish institutions acting in concert
275
18.6
Lowering the acceptance hurdle?
276
18.7
The question of national interest
277
19
Hedge funds intervene
281
19.1
Paulson
&
Co. takes a strong position in
Skandia
281
19.2
Skandia s chair
Bernt Magnusson
resigns
282
Contents ix
19.3 Active
hedge funds
283
19.4
Swedish institutional investors sell out
284
19.5
Playing by a new set of rules
286
19.6
The defence document
289
19.7
Bid reactions in South Africa
291
20
Facing a new reality
295
20.1
In search of a white knight
295
20.2
Skandia Liv
296
20.3
Swedish minority rights
298
20.4
A letter from
Skandia
chair
Lennart Jeansson
299
20.5
Skandia road
show
300
20.6
A new nomination committee
302
20.7
Emerging markets rally
303
20.8
Raising the bid?
306
21
Old Mutual acquires
Skandia
310
21.1
Waiving the
90
per cent threshold
310
21.2
A winning strategy
312
21.3
The minority organizes its opposition
315
21.4
Old Mutual s final plan
316
21.5
Old Mutual in control
318
21.6
Further selling of
Skandia
shares
320
21.7
Epilogue
322
PART
VII
CONCLUSIONS
22
Some conclusions on corporate control and governance
processes in financial capitalism
329
22.1
Chapter overview
329
22.2
General observations
331
22.3
Differing views of the purpose of a limited company
335
22.4
The financial rationale dominates the scene
345
22.5
The functioning of the
Skandia
board and related
agencies
361
22.6
Institutional competition
374
22.7
Where do we go from here?
382
Appendix A methodological note
389
References
395
Name index
413
Subject index
417
CORPORATE GOVERNANCE IN
MODERN FINANCIAL CAPITALISM
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.
Markus Kallifatides
is Associate Professor at the Stockholm
School of Economics, Sophie Nachemson-Ekwall, MSc is at the
Stockholm School of Economics and
Sven-Erik Sjöstrand
is the
Matts Carlgren
Professor of Management at the Stockholm School
of Economics, Sweden.
|
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| id | DE-604.BV035798113 |
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| indexdate | 2024-07-09T22:04:49Z |
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| language | Undetermined |
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| spelling | Kallifatides, Markus Verfasser aut Corporate governance in modern financial capitalism old mutual’s hostile takeover of Skandia Markus Kallifatides ; Sophie Nachemson-Ekwall ; Sven-Erik Sjöstrand Cheltenham [u.a.] Elgar 2010 XIII, 429 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Corporate Governance (DE-588)4419850-4 gnd rswk-swf Takeover (DE-588)4213995-8 gnd rswk-swf Internationaler Kreditmarkt (DE-588)4120506-6 gnd rswk-swf Scania (DE-588)4595356-9 gnd rswk-swf Scania (DE-588)4595356-9 s Takeover (DE-588)4213995-8 s Internationaler Kreditmarkt (DE-588)4120506-6 s Corporate Governance (DE-588)4419850-4 s b DE-604 Nachemson-Ekwall, Sophie Verfasser aut Sjöstrand, Sven-Erik Verfasser aut Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018657296&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018657296&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Klappentext |
| spellingShingle | Kallifatides, Markus Nachemson-Ekwall, Sophie Sjöstrand, Sven-Erik Corporate governance in modern financial capitalism old mutual’s hostile takeover of Skandia Corporate Governance (DE-588)4419850-4 gnd Takeover (DE-588)4213995-8 gnd Internationaler Kreditmarkt (DE-588)4120506-6 gnd Scania (DE-588)4595356-9 gnd |
| subject_GND | (DE-588)4419850-4 (DE-588)4213995-8 (DE-588)4120506-6 (DE-588)4595356-9 |
| title | Corporate governance in modern financial capitalism old mutual’s hostile takeover of Skandia |
| title_auth | Corporate governance in modern financial capitalism old mutual’s hostile takeover of Skandia |
| title_exact_search | Corporate governance in modern financial capitalism old mutual’s hostile takeover of Skandia |
| title_full | Corporate governance in modern financial capitalism old mutual’s hostile takeover of Skandia Markus Kallifatides ; Sophie Nachemson-Ekwall ; Sven-Erik Sjöstrand |
| title_fullStr | Corporate governance in modern financial capitalism old mutual’s hostile takeover of Skandia Markus Kallifatides ; Sophie Nachemson-Ekwall ; Sven-Erik Sjöstrand |
| title_full_unstemmed | Corporate governance in modern financial capitalism old mutual’s hostile takeover of Skandia Markus Kallifatides ; Sophie Nachemson-Ekwall ; Sven-Erik Sjöstrand |
| title_short | Corporate governance in modern financial capitalism |
| title_sort | corporate governance in modern financial capitalism old mutual s hostile takeover of skandia |
| title_sub | old mutual’s hostile takeover of Skandia |
| topic | Corporate Governance (DE-588)4419850-4 gnd Takeover (DE-588)4213995-8 gnd Internationaler Kreditmarkt (DE-588)4120506-6 gnd Scania (DE-588)4595356-9 gnd |
| topic_facet | Corporate Governance Takeover Internationaler Kreditmarkt Scania |
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