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Standard Life Aberdeen merger gets court approval

Standard Life Aberdeen merger gets court approval

The proposed mega-merger between Standard Life and Aberdeen has been given the green light by the Court of Session in Edinburgh.

In a statement, Aberdeen also announced that dealings in its shares on the London Stock Exchange will be suspended from 5pm today.

As previously revealed, the merger will complete on 14 August. 

Once the merger is complete, Aberdeen said scheme shareholders will receive 0.757 of a new ordinary share of 12 2/9 pence each in the capital of Standard Life, in exchange for each Aberdeen ordinary share held by them at the scheme record time.

As at 10 August, the last business day before the announcement, the closing price of each Standard Life ordinary share was 426.80p.

It’s now expected that the cancellation of the admission to trading of Aberdeen shares on the London Stock Exchange’s main market, and the cancellation of the listing of Aberdeen shares from the premium segment of the official list of the UK Listing Authority, will each take place by 8am on Tuesday.

In a further announcement, Aberdeen has also confirmed that, having given their intention to resign, deputy chief executive Andrew Laing, group head of risk Rod MacRae, non-executive director Val Rahmani and veteran fund manager Hugh Young will stand down as directors of the Aberdeen board from Monday.

Standard Life’s chairman Sir Gerry Grimstone, chief executive Keith Skeoch, chief investment officer Rod Paris, and non-executive directors Kevin Parry, John Devine, Lynne Peacock, Martin Pike and Melanie Gee will be appointed as directors of the Aberdeen board from the time at which the scheme becomes effective.

The merger has had to clear a series of hurdles, having gained approval from shareholders in June and then clearance from the UK's Competition and Markets Authority in July. 

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