November 14, 2014 / 5:53 PM / 3 years ago

Canada watchdog clears sale of Standard Life assets to Manulife

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

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