Banks Line up for Pru Deal
Monday, March 8, 2010 17:34
The banks supporting the Prudential’s $35.5bn bid for AIG’s Asian arm will announce that they have spread the risk of under-writing the UK company’s massive rights issue among 30 banks.
In order to fund its bid for the Asian business of the stricken US insurance group—AIA, the Pru must raise the equivalent of $20bn from equity investors. This issue had origianlly been underwritten by Credit Suisse, JPMorgan Chase and HSBC. Besides, at least one large Asian sovereign wealth fund has committed to subunderwrite several billion dollars of the issue.
But, it is said that though it seems to be very unlikely for a competing offer for AIA to emerge, the fact is that most leading global banks have been brought in on the deal doesn’t preclude them from acting for a petential counterbidder.
Related posts:
- China Use RMB for IMF Bond Deal $50bn
China is to use the International Monetary Fund (IMF) 500... - Black Rock Deal for BGI
U.S. asset management company BlackRock (BLK.N), use their expertise to... - Stability Levy for German Banks
The German government has plans to make banks pay into... - Pru Hopeful of Price Cut to Save AIA Deal
Prudential’s embattled chief executive–Tidjane Thiam, spent the weekend criss-crossing the... - Banks Display Renewed Appetite for Europe’s Pigs
Banks increased their exposure to struggling eurozone nations to $2600...
