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Aberdeen gets approval for Scottish Widows acquisition

Reuters - UK Focus

March 20 (Reuters) - Aberdeen Asset Management Plc (Other OTC: ABDNF - news) said on Thursday it had received regulatory approval to buy Lloyds Banking Group's fund management arm Scottish Widows Investment Partnership.

Aberdeen said approval by the Financial Conduct Authority meant the deal would likely be completed on March 31.

Aberdeen struck a deal in November to buy Scottish Widows for about 660 million pounds ($1.10 billion), creating Europe's No. 1 listed stand-alone fund manager.

The company expects to issue a trading statement and confirm the completion of the deal on April 1. ($1 = 0.6014 British Pounds) (Reporting by Karen Rebelo in Bangalore; Editing by Saumyadeb Chakrabarty)