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 deal that significantly expands the insurer's presence in Quebec.The Toronto-based insurer said the transaction builds on an already successful wealth and asset management partnership with Standard Life.The deal, subject to the approval of regulators and Standard Life shareholders, is expected to close in the first quarter of 2015.Manulife Chief Executive Donald Guloien said Standard Life decided several months ago to look at a sale of its Canadian operations, and Manulife was the successful bidder. He predicted it would take one to two years to integrate the Standard Life assets.
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 4406125.
Source
