Belfast Telegraph

£11bn Standard Life-Aberdeen merger cleared by competition watchdog

Britain's competition watchdog has given the green light to the £11 billion merger of Standard Life and Aberdeen Asset Management.

The Competition and Markets Authority (CMA) said on Thursday that it has decided not to refer the merger to an in-depth "Phase 2 investigation", paving the way for the deal's completion in August.

On Monday, shareholders overwhelmingly backed the tie-up, with more than 95% of investors at Aberdeen and 98% at Standard Life voting in favour of the deal during general meetings.

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

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

The deal, announced in March, is targeting cost savings of £200 million a year, with around 800 jobs expected to be lost over a three-year period from a global workforce of 9,000.

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