Economy

FCA approves Standard Life Aberdeen merger

FCA approves Standard Life Aberdeen merger”

Regulators have signed off the £11bn merger of Standard Life and Aberdeen Asset Management.

Shares in Standard Life were up 2.0% at 429.90 pence Tuesday, while shares in Aberdeen Asset Management were up 2.4% at 324.80p.

Financial Conduct Authority and the Prudential Regulation Authority today gave the deal the green light.

Before the merger can proceed there must now be final approval in a court hearing scheduled for Friday 11 August.

On the basis of this timetable, the two companies are expecting the merger to go ahead on Monday 14 August.

The announcement clears a large regulatory hurdle standing in the way of the deal after competition authorities gave the merger the thumbs up in June. As of July 21, the consensus forecast amongst 20 polled investment analysts covering the blue-chip group advises investors to hold their position in the company.

The combined Standard Life Aberdeen board will be chaired by current Standard Life chair Sir Gerry Grimstone, with current deputy Simon Troughton taking up the equivalent post.



Like this

loading...
loading...

Latest


26 July 2017
Missing RCMP grenade launcher has been found
Mounties said a member of the public found the equipment near where they believed it went missing. An investigation into how the gun and ammunition went missing in the first place is continuing.

26 July 2017
Brown: Cap-And-Trade Bill Signing Is Key Milestone In Climate Fight
Legislation approved a year ago set a new, much more aggressive goal to reduce emissions another 40 percent by 2030. The governor's office said he'll sign separate legislation tied to the cap and trade extension later this week.

26 July 2017
John McCain enjoys hike outside Sedona with friends, daughter
McCain has not been overly enthusiastic about the GOP health bill or the partisan process through which it's emerged. Earlier Monday, Senate Majority Whip John Cornyn, R-Texas, discussed plans to get McCain back to the Senate.

26 July 2017
Nuveen Asset Management LLC Boosts Stake in Cypress Semiconductor Corporation (NASDAQ:CY)
The stock of Cypress Semiconductor Corporation (NASDAQ:CY) has "Buy" rating given on Friday, October 23 by Topeka Capital Markets. The Average Volume of the company is 6.96 Million and P/E (price to earnings) ratio is 0, while Forward P/E ratio is 13.86.

26 July 2017
Sirius given another chance after court ruling
Maya Demetriou, 90, a resident in the Sirius building , addressing the media outside the Land and Environment Court in Sydney. Save Our Sirius chairperson Shaun Carter said it was a good day for the building, the local community and the whole of NSW.

26 July 2017
Two men hospitalised after latest London 'acid' attack
Police appealed for any information about the attack in Roman Road, Tower Hamlets, on the men who are in their late teens. And another man without a shirt could be seen sitting nearby as he was checked over by ambulance workers.

26 July 2017
Capital Insight Partners LLC Has $2.56 Million Position in Wells Fargo & Company
Maximum and minimum EPS estimate for the current quarter is projected at $1.12 and $0.96, respectively, according to 28 analysts. Accern ranks coverage of publicly-traded companies on a scale of -1 to 1, with scores nearest to one being the most favorable.

26 July 2017
Canadian National Railway Company (TSX:CNR): Immense Growth Potential?
Renaissance Technologies LLC boosted its stake in Canadian Pacific Railway Limited by 77.5% in the first quarter. The average estimate of 10 analysts surveyed by Zacks Investment Research was also for earnings of $1 per share.

26 July 2017
WR Andrew Hawkins retires two months after signing with Patriots
Hawkins played for the Cincinnati Bengals from 2011-13 and for the Cleveland Browns from 2014-16. For his career, he recorded 209 receptions, good for 2,419 yards and nine touchdowns.

26 July 2017
Yechury denied third term in Rajya Sabha by CPI(M)'s Kerala lobby
The politburo has rejected the state unit's proposal, which is likely to be raised during the next two days. TMC's decision to nominate Congress rebel MLA Manash Bhunia for RS polls has stoked the anger further.