MARK Tucker, the new chief executive of Asian insurance business AIA said this weekend the company has no interest in making a bid for Prudential’s Far East assets, ending speculation about a multi-billion pound take over battle.
AIA is focused on organic growth and is looking at tactical opportunities rather than a major acquisition, he told the Sunday Telegraph.
AIA was the subject of a takeover bid from Prudential, which collapsed in the summer after shareholders raised concerns that the $35bn (£22.14bn) bid for the firm was too high.
Prudential’s chief executive Tidjane Thiam has said privately that he launched the takeover bid for AIA because he feared a takeover offer from the former AIG division if it successful floated on the Hong Kong stock market, something it achieved last month. AIA is now valued at $35bn, exactly what the Pru had offered for the firm earlier this year.