Stockholm, Jan. 4 (Reuters): Minority Skandia shareholders opposed to Old Mutual’s $6-billion bid on Wednesday demanded three seats on the board of the Swedish firm to protect their interests when the deal goes through.

After a bitter seven-month bid process that has pitted the board of Skandia and a number of Swedish institutional shareholders against Old Mutual, the South African firm extended its cash-and-shares offer for Skandia in December hoping to boost the 64.3 per cent backing it initially received.

The state AP2 pension fund, which rejected the offer, said it was co-ordinating the activities of large nay-sayers and that unless the bid was raised, a large number of shareholders would continue to hold out against a deal.

In order to protect the interests of minority shareholders, the fund demanded that no less than three of the eight Skandia board members should be nominated by minority owners and approved by Old Mutual.

It also demanded all future transactions between Old Mutual and Skandia and any structural changes to the company should be approved by a 90 per cent majority at a general meeting. “This is to ensure that clients of both Skandia and Skandia Liv shall continue to retain confidence in these two firms and to enable minority shareholders to participate positively in Skandia’s ongoing development,” AP2 said in a statement.