CANADA'S MANULIFE TO TAKE OVER JOHN HANCOCK.Toronto-based Manulife Financial Manulife Financial (NYSE: MFC, TSX: MFC, SEHK: 945, PSE: MFC), also known as The Manufacturers Life Insurance Company, is a major Canadian insurance company and financial services provider. Corp. and Boston-based John Hancock Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , Inc. announced Sept. 28 that they will merge, with Hancock stockholders receiving Manulife stock and Manulife's Dominic D'Alessandro president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the combined entity. Global headquarters will be in Toronto, but the combined companies' North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. retail and group businesses will be headquartered in Boston and run by Hancock's David D'Alessandro - no relation to Dominic. He is to become chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. and president of Manulife 12 months after the transaction closes. The companies said the tax-free, stock-for-stock merger will create a leading global insurance franchise valued at US$25.6 billion, based on closing stock prices on Sept. 24, before rumors affected their value. The combined company will be the largest in Canada and the second largest in North America. It will market products and services under multiple brands including John Hancock in the United States and Manulife in Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. . "We see this as a unique strategic opportunity," said Manulife's Dominic D'Alessandro, "to combine two exceptionally strong companies into a single, integrated, global market leader whose scale and capital base will drive even greater growth and shareholder value." "We believe this transaction is good for our shareholders, our employees and our community," said Hancock's David D'Alessandro. "Not only is consolidation in our industry inevitable, but for companies of our size to compete and grow in the future, it is necessary. This transaction gives us the scale, capital base and diversity of product and distribution to grow as a business, as well as the ability for John Hancock to remain strong and rooted in the city of Boston." |
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