Nov 17 Aberdeen Asset Management is set
to buy Scottish Widows Investment Partnership (SWIP) from
Britain's Lloyds Banking Group in a 500 million pound
($804.53 million) deal, a source familiar with the matter told
The source said the deal, which is mainly in stock, would be
announced on Monday.
Aberdeen did not respond to a request for a comment. A
spokeswoman for Scottish Widows declined to comment.
Aberdeen is said to have pipped a rival cash offer for SWIP
from Australia's Macquarie Group Ltd, according to
media reports in Britain.
The Sunday Times reported that Lloyds, owner of Scottish
Widows, would take just less than 10 percent in Aberdeen, under
the terms of the deal.
Aberdeen said in October it was in talks to buy Scottish
Widows from Lloyds, in a deal that would create the largest
listed fund manager in Europe.
Buying Scottish Widows would raise Aberdeen's assets under
management more than 70 percent to close to 350 billion pounds,
transforming Aberdeen into the largest listed manager in Europe
with more assets than rival Schroders.