Money Shareholders consulted on Standard Life merger with Aberdeen Asset Management

10:50  19 june  2017
10:50  19 june  2017 Source:

Tesco tipped to report continued sales growth amid inflationary support

  Tesco tipped to report continued sales growth amid inflationary support Tesco is expected to report continuing sales growth when it announces first quarter results next week, helped by rising shop price inflation. The supermarket giant is tipped by analysts at Bernstein to report a 2.2% rise in like for like sales in the period, a significant improvement on the last quarter's 0.7%.In May, Tesco boss Dave Lewis hailed the grocery giant's first full year of sales growth in seven years as his turnaround plan motors on.James Grzinic, analyst at Jefferies, said: "Tesco's first quarter sales update could provide some relief, with inflationary support driving improved UK like for likes.

The merger of Standard Life and Aberdeen Asset Management will lead to the loss of 800 jobs, it has been confirmed. The £11.3bn deal will see Aberdeen shareholders own a third of the combined entity, with Standard Life shareholders owning the rest.

SHAREHOLDERS will have their say on Standard Life ’s merger with Aberdeen Asset Management today amid governance concerns over the £11billion tie-up. By Holly Williams. PUBLISHED: PUBLISHED: 00:01, Mon, Jun 19, 2017.

Standard Life and Aberdeen Asset Management merger © PA PICTURE DESK Standard Life and Aberdeen Asset Management merger

Shareholders will have their say on Standard Life's merger with Aberdeen Asset Management on Monday amid governance concerns over the £11 billion tie-up.

The deal requires the backing of at least 75% of Aberdeen shareholders and 50% of Standard Life investors to get the go-ahead, but experts believe the merger will be given the all clear despite unease over the joint chief executive structure and a bumper 16 member board.

The combined entity, to be called Standard Life Aberdeen, will be headed up by Keith Skeoch and Aberdeen boss Martin Gilbert.

Celtic make improved offer for Jonny Hayes

  Celtic make improved offer for Jonny Hayes Celtic have made an improved bid to Aberdeen for winger Jonny Hayes, according to Scott Burns of the Express. Brendan Rodgers seems keen to get a deal for the 29-year-old done quickly and according to the report, Celtic have made a bid of £1.3million for the player and have also said that they’d let Ryan Christie return to Pittodrie on a season-long loan. Things were put on hold whilst Christie was on international duty for the Republic of Ireland and the player indicated last week that he intends to go on holiday to Florida with his family, but with negotiations ongoing, he could be forced to fly back early to complete a deal. There had been a lot of talk about Christie potentially leaving permanently this summer, with Aberdeen one of his potential suitors but it looks like Celtic are happy to let him go on loan again in a bid to get a deal for Hayes over the line.

"It is the most capital-heavy part of our business, so I would be quite happy to dispose of that book of business if I can get benefit for shareholders . Back-book of assets . The proposed merger between Standard Life and Aberdeen is the culmination of a years-long journey to ramp up the

Image: Standard Life and Aberdeen Asset Management are two of the UK's biggest fund managers .

Mr Skeoch told the Press Association last month it was "abundantly clear" both men would be required at the helm in order to "get things done".

David McCann, analyst at Numis Securities, said he believed the deal will be voted through by shareholders.

He said: "Future success in the active asset management industry will be determined by being big or small/boutique: you do not want to be stuck in the middle.

"We think the deal reflects Aberdeen and Standard Life choosing to be big."

The merger will make the combined group a top 20 player worldwide by assets under management, he added.

Eyebrows have also been raised over the proposed bonus structure that will see chief investment officer Rod Paris eligible to earn 865% of his £450,000 base salary.

Celtic sign Aberdeen winger Jonny Hayes

  Celtic sign Aberdeen winger Jonny Hayes Celtic have made their first acquisition of the summer in Aberdeen winger Jonny Hayes. The news was confirmed by the club’s official website as the 29-year-old put pen to paper on a three-year deal. Aberdeen were reluctant to let their star man leave, but settled for a fee of around £1.3 million from the domestic treble winners. Derek McInnes’ side were holding out for a deal that included Ryan Christie, although Celtic were unwilling to let the 22-year-old leave the club permanently and will instead join on a season-long loan. Hayes scored 11 goals and provided 24 assists in all competitions last season for the Dons and scored the opening goal in last month’s Scottish Cup final. Brendan Rodgers has worked with the winger previously at Reading and has been a keen admirer of the Irish international for some time. Celtic are expected to offload a number of players this summer and add at least two more quality players before the window closes to compete in the Champions League.

Image caption Aberdeen boss Martin Gilbert is expected to be co-chief executive of the combined business. Fund managers Aberdeen Asset Management and Standard Life have agreed terms for an all-share merger .

Image: Standard Life and Aberdeen Asset Management are two of the UK's biggest fund managers .

But prospects for investor approval have been boosted after two influential shareholder advisory groups, Institutional Shareholder Services and Glass Lewis, threw their weight behind the tie-up.

As well as institutional shareholders, Standard Life will also have to convince a sizeable number of retail investors, which make up half of its share register.

Totalling 1.2 million people, these individual shareholders are spread across the UK.

The deal also faces regulatory scrutiny, with the Competition and Markets Authority last month launching an investigation to ascertain if the tie-up could harm competition within the industry.

If it gets the green light, the merger will create Europe's second-biggest fund manager with £670 billion under management.

The merger, which was agreed in March, is targeting cost savings of £200 million a year, with around 800 jobs expected to be lost over a three-year period from a global workforce of 9,000.

Shake-up to protect millions of savers from rip-offs .
Plans to protect millions of savers from being ripped off have been announced by the City watchdog after an investigation into the £7tn asset management industry. define("homepageFinanceIndices", ["c.deferred"], function () { var quotesInArticleFormCode = "PRMQAP"; var config = {}; config.indexdetailsurl = "/en-gb/money/indexdetails"; config.stockdetailsurl = "/en-gb/money/stockdetails"; config.funddetailsurl = "/en-gb/money/funddetails"; config.etfdetailsurl = "/en-gb/money/etfdetails"; config.recentquotesurl = "/en-gb/money/getrecentquotes"; config.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!