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EU regulators to rule on Aviva, Friends Life deal by March 13
February 9, 2015 / 11:22 AM / 3 years ago

EU regulators to rule on Aviva, Friends Life deal by March 13

BRUSSELS (Reuters) - European Union antitrust regulators will rule by March 13 whether to clear British insurer Aviva’s proposed $8.5 billion takeover of rival Friends Life.

Pedestrians walk past an Aviva logo outside the company's head office in the city of London in this file photo taken on March 5, 2009. REUTERS/Stephen Hird

The companies sought EU approval last week, the European Commission said on Monday. The EU competition watchdog can either clear the deal unconditionally or demand concessions if it has concerns that the merged company may lead to higher prices.

Analysts have said new EU insurance rules designed to improve the safety of products for consumers could spur more deals in the pension industry.

Reporting by Foo Yun Chee; Editing by David Holmes

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