Standard Life completes Canadian disposal, seeks approval for buyback
Insurance outfit Standard Life has completed the deal announced last year to sell its Canadian companies to Manulife Financial for £2.2bn, and will press on to get shareholder approval for a £1.75bn share buyback.
Abrdn
155.20p
16:40 03/05/24
FTSE 100
8,213.49
16:59 03/05/24
FTSE 350
4,515.50
16:54 03/05/24
FTSE All-Share
4,469.09
17:14 03/05/24
Life Insurance
5,897.35
16:54 03/05/24
As previously announced, the group wants to return the equivalent of 73p per share to shareholders by way of a B/C share scheme accompanied by a share consolidation.
Further details will be published alongside its annual results on 20 February.
Standard Life announced the disposal to Manulife subsidiary The Manufacturers Life Insurance Company last September.
The deal includes a global collaboration agreement where Manulife will distribute Standard Life Investments’ funds in Canada, the US and Asia.