Nothing but negotiation

The Gap Partnership

Prudential continues negotiations over AIA acquisition

The insurance firm is trying to cut the £23bn price

28 May 2010

Prudential are locked in negotiations with AIG over the terms of the insurance firm's proposed acquisition of AIA.

The UK-based company are desperately trying to reduce the £23 billion price it agreed to pay AIG for its Asian enterprise.

The growing unrest among shareholders over the acquisition has forced Prudential to change the conditions of the deal or risk its collapse.

Prudential said in an announcement to the London Stock Exchange: "We confirm that discussions regarding the current status of the transaction have taken place between Prudential and AIG and are continuing.

"These discussions may or may not lead to a change in the terms of the combination of AIA Group Limited and Prudential."

In order for the deal to be completed, 75 per cent of its investors must approve the takeover at a vote on 7th June.

Prudential will finance the move with a £14.5 billion rights issue.

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