Prudential raising 14.5 billion pounds to buy Asian insurer

17th May 2010, Comments 0 comments

British insurer Prudential on Monday said it planned to raise 14.5 billion pounds (17 billion euros, 21 billion dollars) from the sale of new shares to help fund a takeover of Asian insurer AIA.

"Prudential today announces further details of the proposed combination of the Prudential Group and the AIA Group, including the terms of its fully underwritten rights issue to raise approximately 14.5 billion pounds," a statement said.

The British group had delayed by almost two weeks details of its rights issue as it was remained locked in talks with regulators.

Prudential had announced in March that it had agreed to buy AIA -- the Asian arm of troubled US insurer AIG -- for 35.5 billion dollars (29 billion euros).

© 2010 AFP

0 Comments To This Article