UK insurer suspends shares and confirms deal talks
Prudential has confirmed talks with AIG over the purchase of its Asian operations, AIA.
It is believed that the AIG board has approved the sale thought to be in the region of $35bn.
Prudential, which has suspended its shares, said this morning: "The board of Prudential notes the recent press speculation regarding a possible transaction involving AIA. Prudential confirms that it is in advanced discussions with AIG regarding a possible combination of its business with that of AIA.
"As part of Prudential's continued focus on its Asian growth strategy, the business continually reviews opportunities for expansion. AIA represents a unique and strategically compelling opportunity for Prudential and AIA to create the leading insurer in South East Asia.
"There can be no certainty that these discussions will lead to any agreement or as to the terms or timing of any such agreement."
It is understood that Prudential will need to raise $20bn through a rights issue to fund the deal.
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