Standard Life and Aberdeen Asset Management sees shares rise

Take a look at this new deal…

Shares in Standard Life and Aberdeen Asset Management have seen a sharp incline, this is due to an £11bn merger.

Standard Life stock was up by nine per cent when the FTSE 100 opened, Aberdeen Asset Management started the day with its shares seven per cent higher.

The agreement could create Britain’s biggest fund manager with assets worth a huge £660bn, this was before shares began trading.

Under the terms, Aberdeen will own a third of the new stock.

Sir Gerry Grimstone, will be chairman of the company, it has yet to be given a name.

Keith Skeoch, chief executive of Standard Life said: “We strongly believe that we can build on the strength of the existing Standard Life business by combining with Aberdeen to create one of the largest active investment managers in the world and deliver significant value for all of our stakeholders.”

The deal currently remains subject to conditions including shareholder approvals and is being recommended to investors of both the firms.

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