Shareholders back £11bn Standard Life - Aberdeen Asset Management deal

Cornelia Mascio
Giugno 19, 2017

The firm said that 95% of Aberdeen's shareholders had approved the deal, describing it as "overwhelming support".

Shareholders in Standard Life and Aberdeen Asset Management have overwhelmingly voted to approve the firms' £11.3bn merger, giving the green light to the creation of one of Europe's largest fund management companies.

"The two businesses' investment capabilities and distribution channels are highly complementary and by combining them we are well positioned to compete in an evolving global market environment", said Aberdeen chairman Simon Troughton.

Senior City sources told The Sunday Times that talks about a possible deal between Standard Life and Scottish Widows were expected to begin this week.

Shareholders have overwhelmingly backed an £11 billion tie-up between Standard Life and Aberdeen Asset Management.

Standard Life, which will transition from a traditional insurer to an investment powerhouse, required the backing of at least 50% of its shareholders to go ahead. The potential tie-up is linked to the FTSE 100 group's upcoming tie-up with smaller London-listed peer Aberdeen Asset Management (LON:ADN).

Lloyds subsequently has an approximate 10% stake in Aberdeen. Under the deal, the groups agreed a "long-term strategic asset management relationship whereby Aberdeen manages assets on behalf of" Lloyds.

"Scottish Widows has largely shaken off its auto-enrolment woes and by the end of 2017, Lloyds Banking Group will have spent £70 million on upgrading Scottish Widows' digital proposition".

It added, the combined group "looks forward to working with Lloyds to explore ways to build on Aberdeen's existing partnership".

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