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Canada Life shareholders OK takeover by Great-West

TORONTO, May 5 (Reuters) - Canada Life Financial Corp.(Toronto:CL.TO) shareholders overwhelmingly approved on Monday the takeover of their company by Great-West Lifeco (Toronto:GWO.TO), a combination that will create the biggest insurer in the country. Shareholders voted 99.4 percent in favor of the deal that will see Canada's third-biggest insurer swallow the country's oldest insurer. Manulife Financial Corp. (Toronto:MFC.TO) launched an unsolicited bid to take over Canada Life late last year. But Winnipeg-based Great-West eventually trumped Manulife's bid with a C$7.3 billion ($5.2 billion) offer backed by Canada Life's board. Canada Life will remain a separate entity in the Great-West group and retain the name. But how many jobs will be lost as a result of integration is less certain. ($1=$1.41 Canadian)

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