24th Oct 2013 11:41
ABERDEEN ASSET MANAGEMENT PLC
(Registered in Scotland No. SC82015)
Aberdeen Asset Management PLC (the "Company") notes recent press speculation and confirms that it is in discussions with Lloyds Banking Group PLC ("Lloyds") in relation to a possible acquisition of Scottish Widows Investment Partnership and the formation of a strategic partnership with Lloyds.
The potential acquisition would add further scale and diversity to the Company's product range, thus complementing organic growth, consistent with the Board's strategy.
If agreed, the acquisition would be funded through the issuance of new shares in the Company to Lloyds and additional deferred payments in cash, conditional on the performance of the partnership over a period of years.
The proposed transaction would also offer substantial cost efficiencies and synergies. The Company would expect any transaction agreed to be materially earnings per share enhancing. It would also reinforce the Company's commitment to a progressive dividend policy and to return surplus capital to shareholders over time.
There can be no certainty that the discussions will lead to any transaction or any certainty as to the terms on which any such transaction might proceed. Further statements will be made if and when appropriate.
For further information, please contact:
Maitland +44 (0) 20 7379 5151
Neil BennettTom Eckersley
Related Shares:
ADN.L