Shareholders vote on £11bn merger set to cost 800 jobs

Standard Life share price Group seen poised to merge with Scottish Widows

Today shareholders from both Standard Life and Aberdeen will vote on the merger.

Standard Life announced in March that it had agreed to acquire Aberdeen for £3.8bn, forming a company with around 9,000 employees and £660bn in assets under management.

Almost 95.8% of Aberdeen shareholders and 98.6% of Standard Life shareholders voted in favour of the merger.

Finding a way to combine the traditional life and pensions businesses of Widows and...

Standard Life chairman Gerry Grimstone says he is "delighted" with the vote, stating it will be "one of the most significant events in our near-200 year history".

Reports at the weekend suggested Standard Life could also be poised to merge with its Edinburgh-based rival Scottish Widows, which is owned by Lloyds Banking Group.

The nod from shareholders comes after the merger last month triggered an investigation by the UK's Competition and Markets Authority, which will decide by mid-July whether any impact on market competition warrants further investigation. The vote requires 50% approval from Standard Life shareholders and 75% approval from Aberdeen shareholders.

The enlarged company, to be called Standard Life Aberdeen, will be headed up by Keith Skeoch and Aberdeen boss Martin Gilbert with a 16-member board.

Simon Troughton, chairman of Aberdeen, said: "Today represents another landmark for Aberdeen, which started 34 years ago as a £70m investment trust and grew to become a world-renowned asset manager managing billions of assets and employing thousands of people around the globe".

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