Standard Life confident over £11bn merger

THE boss of Standard Life has said he is confident the group’s merger with Aberdeen Asset Management will gain shareholder approval, despite governance concerns over the £11bn tie-up.

Keith Skeoch said that unease over the joint chief executive structure and a bumper 16-member board has not resulted in a “sizeable shareholder push back”.

“From everything I can see today, this deal is going to happen. There are always questions (from shareholders), but I wouldn’t say having joint chief executives or the board’s composition are the dominant issues. And the chairman has made it absolutely clear that over time the board will reduce in size.

“We haven’t had any serious or sizeable shareholder push back, but I’ve learnt not to be complacent,” he said.

The combined entity, to be called Standard Life Aberdeen, will be headed up by Mr Skeoch and Aberdeen boss Martin Gilbert.