Pru confirms £23bn acquisition of AIA
March 1st, 2010 admin
Prudential has confirmed that it has agreed terms with American International Group to acquire AIA, the Asian business of the embattled US insurance giant. Pru will pay £23 billion in cash and shares for the business, in a bid to become South East Asia’s leading insurer. It is also planning a rights issue to help fund the transaction, in what could create a £14 billion UK record. Commenting on the deal, Fitch Ratings advises that it will generate increased presence and cost savings for Prudential in Asia. However, the credit ratings agency cautions: “The considerable risks involved in such a large transaction could put negative pressure on the ratings”.
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Prudential has abandoned its plans to acquire AIA, the BBC has reported. The group agreed to acquire the pan-Asian life insurance subsidiary of US insurer AIG in March, for £24.6 billion, but leading Pru shareholders were unhappy with the price and efforts to renegotiate failed. Yesterday, AIG announced that would only adhere to the original terms...
Prudential is looking to acquire AIA, the Asian business of embattled US insurance giant, American International Group (AIG), the BBC has reported. Talks are understood to be at an advanced stage and a statement from Prudential on a £15 billion deal is expected in the days ahead. The group’s ambitions in Asian markets are well known; last...
Clive Cowdery’s Resolution Ltd has secured funding to bid for UK assets of Prudential, The Daily Telegraph reports. Prudential is in the process of acquiring AIA, the Asian business of the troubled American International Group, in a £23 billion cash and shares deal. The insurer has announced plans to raise funds via a £13 billion right issue...
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