UK competition watchdog clears Standard Life-Aberdeen deal

Rodiano Bonacci
Giugno 22, 2017

The £11bn merger between fund manager giants Standard Life PLC (LON:SL.) and Aberdeen Asset Management PLC (LON:AND) has been cleared by the United Kingdom competition watchdog this morning.

The Competition and Markets Authority announced it was launching an inquiry into the takeover last month, but said today it won't be pursuing a more in-depth phase two investigation.

The merger will create Europe's second-biggest fund manager, with £670bn under management.

In a joint statement, Standard Life and Aberdeen noted the clearance for the merger and said the deal is expected to complete on August 14, subject to remaining regulatory approval.

The deal, which will see Aberdeen shareholders own 33.3% of the combined group and Standard Life shareholders owning the remainder, was agreed back in March. At a general meeting of its shareholders, 99% of votes cast, or 819.0 million in total, were in favour of the merger scheme.

On the Aberdeen side, 95.8 per cent of votes were in favour of the tie-up, and 78.6 per cent approved the exec pay motion.

The enlarged company, to be called Standard Life Aberdeen, will be headed up by Keith Skeoch and Aberdeen boss Martin Gilbert.

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