London-based Old Mutual, South Africa 's largest insurer and an international asset manager, has successfully taken control of Skandia, a Swedish insurer, for $3.7 billion.

Old Mutual CEO Jim Sutcliffe, who had been pursuing a stake in Skandia for months now, announced the hostile takeover yesterday. The deal, which gives Old Mutual a 62.5% stake in Skandia, is considered by many a feather in Sutcliffe's cap. He's been trying to refocus the company going forward after four years of cost-cutting, asset sales and management shake-ups, the International Herald Tribune reported.

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