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Prudential rushed last night to complete a Hong Kong listing for its shares amid doubts investors would approve its record $35.5bn acquisition of AIA, the Asian division of American International Group (AIG).
The FTSE 100 edged past the 5,600 mark in early trading Monday, helped in part by a 2% gain for Prudential which has accelerated its plans for a listing on the Hong Kong Stock Exchange.
Prudential has applied to have its shares listed on the Hong Kong Stock Exchange as part of its plan to buy AIG’s Asian assets.
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The City’s leading investment banks are falling over themselves to get a slice of the $700m in fees on offer from Prudential’s record $21bn rights issue.
Standard & Poor’s is considering cutting its rating on Prudential over leverage concerns following its $35.5bn deal to buy AIG’s Asian business.
Miners continue to lead the FTSE 100 into positive territory after rising copper prices led to a strong showing yesterday.
Pruprotect grew strongly last year but its stable mate Pruhealth suffered a tougher 12 months.
Pruprotect looks set to reveal a substantial gain in its new business for last year but its stable mate Pruhealth appears to have suffered a tougher 12 months.
Prudential’s UK retail new business fell by 11% in 2009 as the group focused on profitability over volume.
Prudential has agreed to buy AIG’s Asian business for $35.5bn, which will be partially funded by a $20bn rights issue.
Prudential is in advanced discussions with AIG and the US Government to buy the giant insurer’s Asian assets for $35.5bn (£23.5bn).
Clive Cowdery’s Resolution has denied weekend speculation it is in talks with Prudential to acquire the insurance giant’s UK life assurance operations.
Prudential's with-profits fund made pre-tax returns of 18.7% in 2009 and the insurer confirmed bonuses would be maintained.
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