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CMA to look at Aberdeen/Commonplace Life merger

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The Competitors and Markets Authority has opened an investigation into the deliberate £11bn merger of Commonplace Life and Aberdeen Asset Administration.

The regulator stated it wished to find out if the deal would lead to a “substantial lessening of competitors”.

The 2 firms agreed the phrases of the merger, which can create the UK’s greatest asset supervisor, in March.

If it goes forward, Aberdeen shareholders will personal 33.three% and Commonplace Life shareholders 66.7% of the merged agency.

The 2 firms have a mixed worldwide workforce of about 9,000 individuals.

It’s anticipated that about 800 jobs will go in a three-year integration interval.

Management plans

The plan is for the corporate to be renamed Commonplace Life Aberdeen plc.

Each firms have agreed on a 16-strong board made up of an equal variety of Commonplace Life and Aberdeen administrators.

Commonplace Life chairman Sir Gerry Grimstone is to be the chairman of the brand new agency, whereas Aberdeen’s chairman, Simon Troughton, will turn out to be deputy chairman.

Keith Skeoch, the Commonplace Life chief government, and Aberdeen boss Martin Gilbert will turn out to be co-chief executives of the brand new agency.

A normal assembly has been scheduled for June at which shareholders might be requested to approve the merger. The 2 companies need to conclude the deal by mid-August.

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