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Finland's Sampo says has all approvals for Hastings deal

Reuters
·1-min read
FILE PHOTO: Sampo Group's logo is pictured at the company's headquarters in Helsinki

(Reuters) - Sampo <SAMPO.HE> has received all regulatory and antitrust approvals needed for its acquisition of British motor insurer Hastings <HSTG.L>, the Finnish financial group said on Tuesday.

Hastings agreed to be bought in August by Sampo and South Africa's Rand Merchant Investment (RMI) <RMIJ.J> in a cash deal valuing it at 1.66 billion pounds.

"All of the conditions relating to regulatory and antitrust approvals have now been satisfied," Sampo said in a statement.

Sampo will hold 70% of Hastings after a court hearing procedure expected to be held on Nov. 13.

(Reporting by Tarmo Virki in Tallinn; editing by Jason Neely)