By Reuters Staff

       1 Min Read

       FILE PHOTO: Customers at an ATM at a branch of South Africa's Standard Bank in Cape Town, March 15, 2016. REUTERS/Mike Hutchings

       (Corrects value to around 10.6 billion rand (not 8.6 billion), paragraph 1)

       JOHANNESBURG (Reuters) -Lender Standard Bank is to take over insurer Liberty Holdings in full, the two South African companies said on Thursday, with current shareholders to receive cash and shares worth around 10.6 billion rand ($728 million) in total.

       Standard Bank, which owns 53% of the insurer, will offer 0.5 Standard Bank shares and a cash payment of 14.40 rand for each Liberty share, while Liberty will also pay shareholders 11.10 rand, they said, adding the transaction is subject to approvals.

       ($1 = 14.5677 rand)

       Reporting by Emma Rumney; Editing by Olivia Kumwenda

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