Prudential fined for failed bid for AIG’s Asia arm

March 29, 2013 by Danica Kirka

LONDON (AP) — Britain’s financial services regulator has fined insurer Prudential PLC £30 million ($45.5 million) and censured its chief executive, over the company’s handling of a failed bid to acquire rival the Asian subsidiary of American International Group in 2010.

The fine from the Financial Services Authority centers on Prudential’s ambitious attempt to buy AIA for £35.5 billion, a bid that eventually collapsed after both parties failed to agree on a price.

The regulator said Prudential should have informed it of the deal when the two parties held a detailed meeting only weeks before news of the planned takeover emerged. Click here to read…

Originally Posted at LifeHealthPro on March 27, 2013 by Danica Kirka.