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Standard Life reiterates capital return plans after Phoenix deal

Reuters - UK Focus

May 3 (Reuters) - Standard Life Aberdeen on Thursday said it was considering the potential for a "susbtantial" return of capital to shareholders after its deal to sell the bulk of its insurance business to Phoenix Group closes.

Phoenix and Standard Life Aberdeen said they are "actively progressing" with the separation for the proposed deal, expected to be completed in the third quarter of 2018.

SLA and Phoenix said the parties' respective circulars and the Phoenix prospectus will be published shortly after May 29, when Standard Life Aberdeen's annual general meeting will be held.

The general meetings of Standard Life Aberdeen and Phoenix to approve the proposed deal soon after the AGM. (Reporting by Radhika Rukmangadhan in Bengaluru, editing by Sinead Cruise)