Celtic missed a last-minute penalty as Rangers withheld a second-half onslaught to win the CIS Insurance Cup final 2-1 at Hampden Park.
Celtic made the early running, with their three-pronged strikeforce putting the Gers under pressure.
Fourteen minutes in Peter Lovenkrands beat Rab Douglas to a long ball, but the Dane's goalward flick was cleared off the line by Joos Valgaeren.
Midway through the first half Lovenkrands was played through again and his half-blocked effort fell for Claudio Caniggia to sidefoot home from eight yards out.
Ten minutes ahead of the interval, Lovenkrands again did the damage as he ran on to Michael Mols' pass to slot a left-foot shot past the advancing Douglas.
After the restart, Larsson drove a shot wide under pressure as the Bhoys looked for a way back into the game and the Swede made no mistake after 56 minutes as he headed home from a near-post corner by Alan Thompson.
John Hartson then had a goal chalked off for a dubious offside decision, before Caniggia was denied by an excellent save by Douglas.
With 14 minutes to go Larsson almost levelled with a carbon copy of his goal, but Stefan Klos made a smart save.
The Bhoys had Neil Lennon sent off late on before being handed a last-gasp reprieve as Bobo Balde was hauled down in the area.
However, Hartson dragged his spot-kick wide of target to ensure that the Gers took the honours at Hampden Park.