95 percent of shareholders have voted in favour of the merger between Standard Life (LON:SL) and Aberdeen Asset Management (LON:ADN).
The chairman of Aberdeen Asset Management, Simon Troughton, called this a “landmark” in the firm’s history.
“We are pleased with the overwhelming support Aberdeen shareholders have shown for the proposed merger.” he continued.
“They recognise the strategic and financial rationale of the transaction which will create the UK’s largest active asset manager and one of the top 25 globally.
“This deal opens up significant opportunities across all facets of Aberdeen’s business and is an important step towards realising the company’s ambition of creating a world-class investment business with a truly global footprint.”
The deal will be worth £11 billion and the enlarged company will be known as Standard Life Aberdeen.
Whilst the approval only needed half the vote of Standard Life’s investors and three-quarters of investors to approve from Aberdeen, companies saw a nod in favour from 99 percent and 95 percent of shareholders respectively.
The outcome of the deal will be Europe’s second largest fund manager with 900 staff.
The merger will hope to lead to £200 million in cost-savings, resulting in the loss of 800 staff.
“I’m delighted our shareholders have voted to support the merger today.” said Standard Life chairman Sir Gerry Grimstone.
“Our merger with Aberdeen will be one of the most significant events in our near 200-year history, creating a well-diversified world-class investment company.
“There are still some approvals to be granted before the merger can complete and I know the teams in both companies are working through these diligently.
“We are still on track for a completion date of Monday 14 August and will keep our shareholders informed of developments.”
The companies agreed to the terms of the merger in March this year.
Shares in Standard Life and Aberdeen were up 2 percent and 5 percent in afternoon trading.