June 22, 2017 / 6:23 AM / a month ago

UK competition watchdog clears Standard Life-Aberdeen deal

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FILE PHOTO: A worker leaves the Standard Life House in Edinburgh, Scotland, Britain, February 27, 2014.Russell Cheyne/File Photo

(Reuters) - Britain's competition watchdog said it had cleared Standard Life's (SL.L) 11 billion pound ($14 billion) deal to buy Aberdeen Asset Management (ADN.L), paving the way for the tie-up which will create the country's biggest listed asset manager.

The Competition and Markets Authority said on Thursday that it would not refer the deal for further investigation.

Standard Life and Aberdeen said in a statement that the deal, announced in March, is now expected to complete on August 14, subject to remaining regulatory approvals.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Rachel Armstrong

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