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News For MFC From The Last 14 Days
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September 3, 2014
16:47 EDTMFCManulife Financial to acquire the Canadian operations of Standard Life for $4B
Manulife Financial Corporation announced that The Manufacturers Life Insurance Company, or MLI, and Standard Life Oversea Holdings Limited, a subsidiary of Standard Life, have entered into an agreement under which MLI will acquire the Canadian-based operations of Standard Life plc for approximately $4B in cash at closing, subject to certain adjustments. Donald Guloien, president and CEO of Manulife said, "Excluding transition and integration costs, after the first year we expect the transaction to be accretive by approximately 3c to EPS per year over each of the next three years. It will also increase our earnings capacity beyond our 2016 core earnings objective of $4B. This transaction, and the financing, maintain our strong capital position, and in no way inhibit our ability to pay dividends. In fact, it will enhance our ability to increase dividends in the future. The transaction will improve core earnings, however the transition costs reported in core earnings will create a modest, temporary headwind on our core ROE objective of 13%."

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