Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 20th of February 2018
April 27, 2010

Prudential’s AIA acquisition under threat

by Gill Montia

Story link: Prudential’s AIA acquisition under threat

Prudential’s AIA acquisition under threat Prudential’s AIA acquisition under threat

Prudential’s controversial plans to acquire AIA, the Asian business of US insurer AIG, could be in jeopardy.

According to a report in The Times, the Pru’s biggest shareholder, Capital Group, is understood to be working with three UK insurers on a consortium bid for Prudential.

The newspaper names Resolution Ltd and Aviva as involved in the discussions but the fourth party in unnamed.

Prudential announced the terms of the AIA acquisition in March, having agreed to pay £23 billion in cash and shares for the business in a bid to become South East Asia’s leading insurer.

The group is planning a UK rights issue to help fund the transaction and has also recently accelerated its plans to list on the Hong Kong Stock Exchange.

Last week, Rob Devey, chief executive of Prudential UK and Europe, was appointed to lead the integration of Prudential Corporation Asia and AIA Group.

 

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