Prudential Faces 30 Million Pound Fine Over 2010 AIA Buyout Attempt

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Prudential has been fined 30 million pounds by the UK's Financial Services Authority (FSA) for concealing its attempt to buy Asian rival AIA three years ago.

The British financial regulator that the buyout deal hid by Prudential, the largest insurance in the UK, would have transformed the financial position, risk profile and strategy of the company, adding that the a planned 14.5 billion pound call would have become the largest ever in the country.

FSA said in a statement that Prudential failed to disclose the fact that it was planning to takeover AIA in early 2010 and kept the deal secret until a leak to the media on February 27, 2010.

Tags
Buyout, Takeover bid

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