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UK's Aviva says may cut 1,500 jobs on Friends Life takeover
[LONDON] British insurer Aviva said on Monday it may may cut 1,500 jobs by end-2017 from a total workforce of 31,500 following its planned US$9 billion acquisition of rival Friends Life.
"We appreciate that this news may be disconcerting for employees and we would look to ensure that any redundancies are kept to a minimum wherever possible, by using vacancies and natural turnover," an Aviva spokesman said.
Aviva published the prospectus for the agreed takeover on Monday. Shareholders can vote on the deal on March 26 and Friends Life shares will delist by April 13 if the deal goes ahead.