Raymond James's takeover of Charles Stanley has been delayed and pushed to January because the FCA has not yet signed it off.
Last month, Charles Stanley announced the deal would complete in December, alongside its interim results.
The two companies agreed and booked a sanction hearing for December 20, in anticipation of receipt of Financial Conduct Authority approval.
But today (December 13) Charles Stanley said that since FCA approval remains outstanding, prompting concerns the approval would not be received sufficiently far in advance to allow the filing of the necessary court documentation, Charles Stanley and Raymond James agreed to push back the takeover.
The two have instead secured an alternative date for January 19, 2022 - the first available hearing date in the new year.
Raymond James struck a deal worth £278.9m to buy Charles Stanley earlier this year.
The boards of Raymond James and Charles Stanley at the time said they had reached an agreement on the terms of the acquisition, which would see Raymond James buy the entire issued share capital of Charles Stanley.
The firms said subject to FCA approval, the deal is expected to become effective on January 21, 2022.
sonia.rach@ft.com
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