No interest in bid for Prudential’s Far East assets, says new AIA chief Tucker

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.