Canada watchdog clears sale of Standard Life assets to Manulife

Fri Nov 14, 2014 11:52am EST
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TORONTO (Reuters) - Canada's Competition Bureau said on Friday it would not challenge Manulife Financial Corp's (MFC.TO: Quote) bid for the Canadian operations of Britain's Standard Life Plc (SL.L: Quote), a deal that will significantly expand Manulife's presence in Quebec.

The federal watchdog said it issued a no action letter after concluding the transaction is unlikely to result in a substantial lessening of competition. Manulife and Standard life announced the C$4 billion ($3.54 billion) cash deal in early September.

(1 US dollar = 1.1299 Canadian dollar)

(Reporting by Jeffrey Hodgson)