Pru bosses unbowed after AIA deal fiasco

PRUDENTIAL chiefs have defied calls to quit over the collapse of its £24.3bn bid for US insurance giant AIG’s Asian arm.

PRUDENTIAL chiefs have defied calls to quit over the collapse of its £24.3bn bid for US insurance giant AIG’s Asian arm.

Chairman Harvey McGrath told newspapers that the board was “completely behind” the current management, including new chief executive Tidjane Thiam and said directors had the backing of most major shareholders.

The bid for AIA foundered earlier this week after AIG refused to renegotiate the price – leaving the Pru with a £450m and Mr Thiam’s Asian strategy in ruins.

Mr McGrath said the management team was “quite devastated’’ when AIG rejected the lower price, but “not worried at all about our positions’’.

 

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