Shares of Standard Life plc (SL.L) were gaining around 3 percent in the morning trading in London after the company announced Friday that HDFC Standard Life Insurance Co. Limited or HDFC Life, Max Life Insurance Co. Limited and Max Financial Services Limited have entered into a Confidentiality, Exclusivity and Standstill Agreement to evaluate a possible merger between those parties.
In a statement, the company noted that any transaction, should it proceed, would be subject to applicable board, shareholder, regulatory, court, and other approvals.
There is no certainty at this stage that any transaction will proceed and Standard Life will update the market at the appropriate time.
Standard Life currently holds a 35% stake in HDFC Life.
In London, Standard Life shares were trading at 305.80 pence, up 2.55 percent.
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