BUZZ--Standard Life: near all-time high on Canada deal

Thu Sep 4, 2014 3:56am EDT
 
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** Standard Life jumps 10.4 percent after disposing of Canadian arm for $3.7bn. {ID:nL1N0R42NA]

** Shares highest since May 2013 record high.

** Adds $1.5bn of market cap; biggest mover on FTSE and across Europe.

** Rally is the biggest single-day move since March 2009.

Chart: link.reuters.com/zuw72w

** Stock now trading on 14.4 P/E, slight premium to peer group average which is at 13.3 times.

** Peer comparison: link.reuters.com/dyw72w

**Standard Life will return 80% of the proceeds (73p per share), using the remainder for general corporate purposes.

** "With a strong balance sheet, return of the proceeds makes sense; however, we would question the need to retain any of the proceeds," said analysts at Berenberg. (RM: alasdair.pal.thomsonreuters.com@reuters.net)