Monday, 19 June 2017

Shareholders back Standard Life-Aberdeen Asset merger deal

Shareholders have overwhelmingly backed an £11bn tie-up between Standard Life and Aberdeen Asset Management.

More than 95% of investors at Aberdeen and 98% at Standard Life voted in favour of the deal during general meetings held on Monday.

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.

The two companies agreed the terms of the merger in March.

Simon Troughton, chairman of Aberdeen Asset Management, said the result was a "landmark" in the firm's history.
He said: "We are pleased with the overwhelming support Aberdeen shareholders have shown for the proposed merger.

"They recognise the strategic and financial rationale of the transaction which will create the UK's largest active asset manager and one of the top 25 globally.

"This deal opens up significant opportunities across all facets of Aberdeen's business and is an important step towards realising the company's ambition of creating a world-class investment business with a truly global footprint."

BBC        News.