March 6, 2017 / 7:25 AM / 10 months ago

Standard Life, Aberdeen reveal merger terms, eye 200 mln stg in savings

LONDON, March 6 (Reuters) - Standard Life and Aberdeen set out the terms of their proposed 11 billion pound ($13.51 billion) merger on Monday, saying they expected the deal to save the combined companies up to 200 million pounds in costs.

The groups said the new company, to be headquartered in Scotland, would take a one-off 320 million pounds cash charge to cover integration costs.

Aberdeen’s two-biggest investors, Mitsubishi UFJ Trust and Banking and Lloyds Banking Group, have both given non-binding statements of support to vote in favour of the planned takeover, which the companies say they expect to complete in the third quarter of 2017. ($1 = 0.8141 pounds) (Reporting by Simon Jessop; Editing by Rachel Armstrong)

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