Prudential works on plans to sell off UK and US units

PRUDENTIAL, the FTSE100 insurer, is believed to be firming up plans to offload its UK and US businesses should its $35.5bn (£23.3bn) swoop on Asia’s AIA go through.

Although Prudential says it is committed to keeping its London listing, chief executive Tidjane Thiam has tacitly indicated to analysts that parts of the company may be sold off after the Far Eastern deal.

The news comes as Prudential prepares to woo at least 75 per cent of its shareholders to vote in favour of taking over AIA, an arm of US government-backed giant AIG. Tomorrow the British firm publishes details of how it will fund the transaction with a $21bn rights issue. It will also provide AIA’s numbers on European Embedded Value and International Financial Reporting Standards bases for the first time.

City insiders say Clive Cowdery’s Resolution buyout vehicle will wait until the outcome of Prudential’s pounce on AIA is clear before making a move on its UK business.