Aviva PLC (LSE:AV.) is confident that its acquisition of Direct Line Insurance Group PLC (LSE:DLG) will be completed by the start of next month after the the UK competition watchdog indicated the deal will be approved.
The two companies said the Financial Conduct Authority and the Prudential Regulation Authority have also each given written notice approving the acquisition, with final clearance from the Competition and Markets Authority still awaited.
"Following constructive engagement with the CMA, Aviva remains confident of securing unconditional clearance by the phase 1 statutory deadline," the pair said in a statement on Tuesday morning.
This means the next steps are that the takeover sanction hearing will take place on 1 July and the completion of that deal is expected that same day.