Staff
The Competition Bureau has approved Manulife Financial’s acquisition of the Canadian-based operations of Standard Life.
“The Bureau concluded that this transaction is unlikely to result in a substantial lessening or prevention of competition due to, among other things, the presence of effective remaining competitors in the marketplace for individual wealth products, group benefits and group retirement services,” it says in a statement.
Manulife says the deal still needs to be approved by Minister of Finance Joe Oliver and certain securities regulators.
Subject to the receipt of all necessary approvals, the transaction is expected to close in the first quarter of 2015.
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