Pressure Grows on Pru Boss as Jittery Investors Dump Share
Wednesday, March 3, 2010 12:21
Prudential has lost a one fifth off its stock market value in just two days because the UK’s biggest insurer battles to convice UK investors to pay up for its Asian expansion. The shares in the Pru slumped a further 8% in yesterday’s frenetic trading, after dropping more than 12% on Monday, when it confirmed its plan to buy AIA from AIG.
Some traders speculated that the Pru’s tumbling share price left it vunlnerable as a potential takeover target itself, arguing that the chief executive, had inadvertently “put it in play”. But some of the leading institutional investors of Pru turned the spotlight on Mr Thiam, indicating that they would use forthcoming investor presentations to question him on his valuation of AIA, plans for cost-cutting and a firm time-table for when the acquisition would generate profits for the shareholders.
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