The Competition and Markets Authority (CMA) has begun an investigation into the £11bn merger of Standard Life and Aberdeen Asset Management, in order to determine whether the deal would lead to a "substantial lessening of capital".
According to Sky News, the regulator said it was looking for feedback and would decide by 18 July whether to launch a more-thorough investigation. The Scottish companies announced the merger back in March, which is set to create the UK's biggest asset management firm overseeing £660bn of assets. They are seeking shareholder approval in June and hope the deal will be complete in August. In the terms of the new deal, Aberdeen shareholders would own 33.3% and Standard Life shareholders would control 66.7% of the new business. Standard Life said: "Standard Life today filed an applicati...
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