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.



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