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Canada Life welcomes offer from Great-West

Canada Life is welcoming an offer from fellow Toronto insurer

Great-West Lifeco which could see its UK shareholders netting an

average of £4,600.

The £3bn offer from its Canadian rival exceeds the previous

hostile offer from Manulife by 15 per cent and would create the

biggest insurer in Canada. Canada Life has 60,000 shareholders in the

UK and Ireland who are set to benefit.

Staff at Canada Life&#39s recently scaled back UK operations have not

yet been told how the deal would affect the future of the business.

Last year, the company offloaded its direct salesforce to IFA

Lighthouse to focus on annuities, group risk and offshore business.

Canada Life is recommending acceptance of the Great-West offer and is

advising shareholders who have already tendered shares to Manulife to

submit a withdrawal notice. UK investors will shortly get further

guidance about what they have to do.

Great-West president Raymond L. McFeetors says: “Canada Life has a

proud history. We see great value in the brand and are committed to

maintaining it.”

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