Standard Life Aberdeen merger cleared by watchdog

The Competition and Markets Authority (CMA) said on Thursday that it has decided not to refer the merger to an in-depth "Phase 2 investigation", paving the way for the deal's completion in August.

On Monday, shareholders overwhelmingly backed the tie-up, with more than 95​ per cent​ of investors at Aberdeen and 98​ per cent​ at Standard Life voting in favour of the deal during general meetings.

The enlarged company, to be called Standard Life Aberdeen, will be headed up by Keith Skeoch and Aberdeen boss Martin Gilbert.

The merger will create Europe's second-biggest fund manager, with £670​bn under management.

The deal, announced in March, is targeting cost savings of £200​m a year, with around 800 jobs expected to be lost over a three-year period from a global workforce of 9,000.