UK INSURER Prudential is not considering a renewed attempt to buy AIG’s Asian life unit, a spokesman for the company said yesterday, denying a media report that a fresh takeover proposal was in the works.
The Sunday Times, quoting unnamed sources, said the group was considering an attempt to resurrect its bid and Pru's chief executive Tidjane Thiam believed he could have a chance to table another offer before the end of this year.
Earlier this week, Prudential abandoned its plan to buy AIG’s Asian life unit for $35.5 billion, following shareholder protests that the deal was too expensive.
“We remain highly committed to Asia through our current very successful business. We will not be resurrecting the deal and any speculation is misguided and inaccurate,” Prudential’s Hong Kong-based spokesman Chad Tendler said.
The bid, which cost £450 million in adviser fees and other charges, has cast doubt over Thiam’s future at the company and prompted calls for a review of Pru’s strategy. – (Reuters)
