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Manulife&#39s sterling pledge on Canada Life

Canadian giant Manulife Fin-ancial has confirmed that it would pay Canada Life UK shareholders in sterling if its hostile bid for the company is successful and they elect to take cash rather than shares in Manulife.

Manulife has written to all Canada Life&#39s 200,000 shareholders, 60,000 of whom are in the UK and Ireland, with an offer that could net shareholders an average of £4,000.

Canada Life, which demutualised in 1999, has said the offer materially undervalues the company and has urged shareholders to do nothing until it responds.

Manulife president and chief executive officer Dominic D&#39Alessandro says: “We have had many calls from shareholders and a common theme has been a preference for receiving cash payment in local currency. We are happy to make it clear that any payment will be in their local currency.”

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