TORONTO (Reuters) - Canada’s Competition Bureau said on Friday it would not challenge Manulife Financial Corp’s (MFC.TO) bid for the Canadian operations of Britain’s Standard Life Plc SL.L, 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