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Prudential's Asia negotiations were 'Pru-lish'

Prudential's pre-merger negotiations with its British investors have been described as "Pru-lish".

07 May 2010

The manner in which the UK assurer conducted its pre-merger negotiations with its British investors has been described as "Pru-lish".

That is according to the Financial Times, which coined the phrase to demonstrate the foolishness of the company's actions with regards to its attempts to secure a merger deal with AIG's Asian arm AIA.

The news provider suggests that the company's behaviour was "clumsy", insisting that such a reputable firm "should know better".

It stated: "Prudential's Asian adventure has begun with a series of stumbles so surprising that a new word - Pru-lish - is needed.

"It was Pru-lish for the UK assurer not to devote more time to courting its core British-based institutional investors after it was jumped into announcing its planned merger with AIA, AIG's Asian arm."

Furthermore, the newspaper suggests that it was Pru-lish for the multinational to presume that it would be able to pass the deal through the Financial Services Authority prior to the planned announcement of the $21bn merger.

Prudential serves 25 million people and has £290 billion of assets under management.

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