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Canada: Bureau unconcerned over financial services merger

 |  November 16, 2014

Canada’s Competition Bureau announced Friday that it has effectively cleared the proposed merger between financial services groups Manulife Financial and Standard Life.

Manulife is seeking an acquisition of the Canadian operations of UK-based Standard, say reports. The Bureau probed the deal and its potentially effects on the market, especially in Quebec, where the transaction would have the most impact.

The Bureau announced Friday, however, that it issued a no action letter for the merger, noting that it is not likely to harm competition.

The companies first announced their proposed buyout in September for $3.54 billion.

Full content: Reuters

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