Fund managers Aberdeen Asset Management and Standard Life confirmed reports that they are considering plans to enter into an £11bn ($13.5bn) merger. The two firms have been in talks for some time but the deal is expected to be announced at a press conference on Wednesday. Standard Life chairman Sir Gerry Grimstone would become chairman of the board, with Aberdeen's chairman Simon Troughton becoming deputy chairman. To reflect Aberdeen's £3.7bn market capitalisation and Standard Life's £7.5bn value, Standard Life shareholders would own 66.7% of the combined group, while Aberdeen shareholders would own 33.3%. The merger would enable the company to compete with the investment advantage of larger competition, such as US-based Blackrock. However, the deal is subject to several conditions, including shareholder approvals, the companies said.
Fund managers Aberdeen Asset Management and Standard Life confirmed reports that they are considering plans to enter into an £11bn ($13.5bn) merger. The two firms have been in talks for some time but the deal is expected to be announced at a press conference on Wednesday. To reflect Aberdeen's £3.7bn market capitalisation and Standard Life's £7.5bn value, Standard Life shareholders would own 66.7% of the combined group, while Aberdeen shareholders would own 33.3%. The merger would enable the company to compete with the investment advantage of larger competition, such as US-based Blackrock. However, the deal is subject to several conditions, including shareholder approvals, the companies said.