Aberdeen stocks to be removed from LSE in final stage of merger
Shares of of Aberdeen Asset Management have been suspended and will be cancelled from the London Stock Exchange on Tuesday, in the final stage of the asset management giant's merger with Standard Life. The deal cleared its last legal obstacle last week when a court in Scotland gave its approval for the company being combined with Standard Life to form Standard Life Aberdeen. The £11bn merger creates an entity with about £670bn in assets, though 800 jobs are expected to disappear.  
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The £11 billion merger between two of standard-bearers of the Scots financial sector Standard Life and Aberdeen Asset Management (AAM) has cleared its final regulatory hurdle after the deal was rubber stamped at Edinburgh's Court of Session.

The completed formality means that shares in AAM will be suspended from trading at the close of business today before they are cancelled from the London Stock Exchange on Tuesday morning.

To complete the deal and create the merged entity Standard Life Aberdeen, a copy of the court order must be delivered to the Registrar of Companies in Scotland, which is expected to happen on Monday.

At which point the tie-up will become effective.

Announced in March after a run of outflows from AAM, the merger aims to achieve savings of £200 million a year, with about 800 jobs expected to be lost over a three-year period from a global workforce of 9,000.

The deal creates a global fund management giant with some £670bn of assets. Under the merger, each AAM share held by investors will be exchange for 0.757 shares in Standard Life, which were valued at 426.8p a piece at the close of trading yesterday.

Figures earlier this week from Standard Life, led by chief executive Keith Skeoch, revealed a 6 per cent rise in operating profits to £362m for the six months to the end of June, while assets under management edged up 1 per cent to £362bn.

Standard Life's last results as an independent company before its merger with AAM were overshadowed by outflows of £5.6bn from its flagship Global Absolute Returns Strategies (Gars) fund in the first six months of the year.

Standard Life Aberdeen will be jointly headed by Skeoch and his counterpart at AAM, Martin Gilbert.

The group will be chaired by Standard Life chairman and city grandee Sir Gerry Grimstone, with AAM’s chairman Simon Troughton serving as deputy.