BGN Entrepreneur

Prudential’s embattled chief executive–Tidjane Thiam, spent the weekend criss-crossing the USamid rising optimism in the Pru camp that he could win from AIG the concessions necessary to keep his ambitious Asian Acquisition plan for failing.
Talks on cutting the $35.5 billion price that the Pru originally agreed to pay for AIG’s Asian offshoot AIA were continuing last night. Given the sharp falls on world markets ever since the deal was announced on March 1 and wide-spread expressions of investor opposition, the Pru apparently has accepted internally that a deal at the originally agreed price has no chance of gaining the backing of the required 75% of shareholders at a special meeting on June 7.
Failure to salvage the deal would leave the American insurer, which waa bailed out with a $132 billion rescue package in 2008, with the option of trying to float AIA in Asia, which could prove difficult in the present turbulent market.

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