Prudential faces 20% shareholder revolt over AIA deal

Rebellion against the Pru's proposed acquisition gains momentum after another leading fund manager declares it 'very, very expensive'

Shareholder pressure was this morning mounting on insurer Prudential to drop its bid for rival AIA after one highly respected fund manager confirmed he had sold his interest because the deal was so dilutive and "very, very expensive", and another said over 20% have told him they will not support the bid, adding the revolt was "a very important moment in City history".

Prudential shares jumped 7% this morning on doubts that the insurance company will win enough shareholder approval to carry out the acquisition.

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