Navigate this market better. Subscribe for FREE stock alerts and information.

Wednesday, September 3, 2014

Manulife to purchase Standard Life's Canadian assets for $3.7 bln, (NYSE: MFC), (TSE: MFC.TO)

Manulife Financial Corp said on Wednesday it has agreed to acquire the Canadian operations of Standard Life Plc for about C$4 billion ($3.7 billion) in cash, in a bid to expand its insurance and asset management portfolio across Canada and especially within the province of Quebec. The Toronto-based insurer said the transaction builds on an already established and successful wealth and asset management partnership with Standard Life.The closing of the deal is subject to regulatory approvals and approval of shareholders of Standard Life. The deal is expected to close in the first quarter of 2015.(1 US dollar = 1.0885 Canadian dollar)

Manulife Financial Corporation (MFC) is a Canada-based financial services group with principal operations in Asia, Canada and the United States. Shares of MFC traded higher by 1.23% or $0.25/share to $20.52. In the past year, the shares have traded as low as $16.20 and as high as $20.68. On average, 1340880 shares of MFC exchange hands on a given day and today's volume is recorded at 1312731.

Manulife Financial Corporation (MFC) is a Canada-based financial services group with principal operations in Asia, Canada and the United States. Shares of MFC traded higher by 0.86% or $0.19/share to $22.36. In the past year, the shares have traded as low as $16.86 and as high as $22.53. On average, 2557970 shares of MFC.TO exchange hands on a given day and today's volume is recorded at 4396925.



Source