After a weekend of speculation that eventually turned into more substantial reports, UK-based Prudential plc yesterday confirmed that it has reached an agreement to merge with AIA Group, the Asian life insurance business wholly owned by American International Group AIG, in a transaction valued at $35.5 billion.
The merger, which ranks as the largest insurance MA ever, will create a life insurance powerhouse in Asia with more than 20 million customers and businesses in 15 countries. It will also provide AIG with much needed cash as it strives to repay the $182.3 billion of bailout money that it received from the US government in 2008. However, the development deals a blow to...
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