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Corporate Governance in Modern Financial Capitalism

Old Mutual’s Hostile Takeover of Skandia Markus Kallifatides, Associate Professor, Stockholm School of Economics, Sophie Nachemson-Ekwall, MSc, Stockholm School of Economics and Sven-Erik Sjöstrand, Professor Emeritus, Stockholm School of Economics, Sweden
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.
Extent: 448 pp
Hardback Price: $175.00 Web: $157.50
Publication Date: 2010
ISBN: 978 1 84844 684 7
Availability: In Stock
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  • Business and Management
  • Corporate Governance
  • Strategic Management
  • Economics and Finance
  • Corporate Governance
  • Financial Economics and Regulation
  • Law - Academic
  • Corporate Law and Governance
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.
Contents: Preface Introduction 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 Appendix References Index