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    AV.   GB0002162385

AVIVA PLC

(AV.)
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Aviva, Friends Life shareholders vote for merger

03/26/2015 | 01:33pm EDT
A man walks past an AVIVA logo outside the company's head office in the city of London

LONDON (Reuters) - Shareholders of British insurers Aviva (>> Aviva plc) and Friends Life (>> Friends Life Group Ltd) voted on Thursday in favour of Aviva's 5.6 billion pound ($8.4 billion) takeover of Friends Life.

LONDON (Reuters) - Shareholders of British insurers Aviva (>> Aviva plc) and Friends Life (>> Friends Life Group Ltd) voted on Thursday in favour of Aviva's 5.6 billion pound ($8.4 billion) takeover of Friends Life.

Aviva's share price wobbled after the terms of the merger were announced late last year, as some investors and analysts worried about the size of cost savings and the marrying of a range of IT systems.

But others said the merger made sense following UK government reforms that have put increasing pressure on pensions providers.

Retirees will from next month be free to use their pension pots as they choose, rather than being obliged to buy an income-bearing annuity. Industry sales of annuities have already dropped sharply in anticipation of the new rules, to around 8 billion pounds last year.

More than 99 percent of Aviva shareholders who voted were in favour of the deal, Aviva said in a regulatory filing following an extraordinary general meeting. Aviva needed the agreement of more than 50 percent of the votes cast.

More than 90 percent of Friends Life shareholders also voted in favour, Friends Life said in a separate filing, with a majority of 75 percent required.

Friends Life said it expected its stock to delist on April 10.

Holders of Friends Life stock will receive 0.74 new Aviva shares for each Friends share.

(Reporting by Carolyn Cohn; Editing by Simon Jessop and Mark Potter)

Stocks treated in this article : Aviva plc, Friends Life Group Ltd

© Reuters 2015
Stocks mentioned in the article
ChangeLast1st jan.
AVIVA PLC 0.48% 395.5 Delayed Quote.21.62%
ONE STOP SYSTEMS, INC. -2.21% 4.87 Delayed Quote.21.75%
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Analyst Recommendations on AVIVA PLC
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Financials
Sales 2021 42 205 M 58 066 M 58 066 M
Net income 2021 1 639 M 2 255 M 2 255 M
Net cash 2021 8 664 M 11 920 M 11 920 M
P/E ratio 2021 7,60x
Yield 2021 5,63%
Capitalization 15 190 M 20 909 M 20 898 M
EV / Sales 2021 0,15x
EV / Sales 2022 0,15x
Nbr of Employees 28 596
Free-Float 97,2%
Chart AVIVA PLC
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Aviva plc Technical Analysis Chart | AV. | GB0002162385 | MarketScreener
Technical analysis trends AVIVA PLC
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 20
Last Close Price 395,50 GBX
Average target price 468,05 GBX
Spread / Average Target 18,3%
EPS Revisions
Managers and Directors
Amanda Blanc Chief Executive Officer & Executive Director
Jason Michael Windsor Chief Financial Officer & Director
Mark George Culmer Non-Executive Chairman
John Cummings Chief Information Officer
Nitinbhai Babubhai Maganbhai Amin Chief Operating Officer
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