RPT-UPDATE 1-Sweden's Cevian takes 4.1 pct Old Mutual stake

(Repeats to additional Reuters clients)

* Cevian says supports Old Mutual strategy

* Says market undervalues Old Mutual's businesses * Old Mutual shares up 3 percent at 0737 GMT

(Writes through, adds detail)

LONDON, June 1 (Reuters) - Swedish activist investor Cevian Capital said it had taken a 4.1 percent stake in Anglo-South African insurer Old Mutual (OML.L), arguing the market had undervalued the company's shares.

Shares in Old Mutual were up 3 percent at 75.6 pence by 0737 GMT, while the FTSE 100 share index was 1.4 percent higher. The stock has fallen 35 percent in the past year.

Cevian said it saw Old Mutual as an attractive investment opportunity and it supported the strategy pursued by the insurer's management team.

"We believe that the market has failed to recognise the value of the company's stable core businesses, which have performed well even in this extreme macro environment," Cevian said in statement on Monday.

"Futhermore, we support the strategy pursued by Julian Roberts, CEO, and the board of Old Mutual, to improve the performance and to reshape Old Mutual over time."

Stockholm-based Cevian has an investment portfolio of about $3 billion, including a 3 percent stake in German reinsurer Munich Re (MUVGn.DE). The group, which has also invested in Swedish carmaker Volvo and telecoms operator TeliaSonera (TLSN.ST), typically backs the management of the companies it invests in.

Old Mutual's shares lost about two thirds of their value in 2008, partly reflecting concerns over a U.S. life business which was hit by rising costs as it honoured guarantees that had been provided to some annuity customers.

The company's former chief executive, Jim Sutcliffe, stepped down in September last year and the struggling U.S. unit was closed in March. (Reporting by Myles Neligan; Editing by David Holmes)