Standard Life Aberdeen shareholders give approval to Phoenix deal

Deal looked at as an important milestone in company’s history

Standard Life Aberdeen shareholders give approval to Phoenix deal

Insurance News

By Terry Gangcuangco

As far as Standard Life Aberdeen Plc (SLA) shareholders are concerned, Phoenix Group Holdings’ swoop for Standard Life Assurance Limited is a done deal.

During SLA’s general meeting, a whopping 99.26% voted for the resolution approving the £2 billion (SG$3.61 billion) sale of the firm’s insurance arm. Two other resolutions also got the shareholder nod.   

“I’m pleased our shareholders have voted so decisively in favour of our proposals,” commented SLA chair Sir Gerry Grimstone. “The sale of our UK and European insurance business to Phoenix is an important milestone in our company’s history and marks a decisive break from our past as an insurer.

“It is an excellent result and demonstrates our shareholders’ overwhelming support for our ambition to become one of the world’s leading investment companies.”

The second resolution, which received a 99.33% ‘for’ vote, relates to a capital return of up to £1 billion by way of a B Share Scheme, and an associated share consolidation and amendments to the Articles of Association. The third, with 99.16% in favour, involves a capital return of as much as £750 million by way of share buyback via on-market purchases.

Prior to the general meeting, it was revealed that SLA’s Barry O’Dwyer and Campbell Fleming will serve as Phoenix non-executive directors upon completion of the acquisition. O’Dwyer is chief executive of pensions & savings unit Standard Life while the latter is Aberdeen Standard Investments’ global head of distribution.



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