Gibbs: I sold Pru immediately after 'expensive' AIA proposal

Jupiter's Philip Gibbs has revealed he sold his entire stake in Prudential on the first announcement of its proposed takeover of AIA, believing it is a "very, very expensive deal".

Gibbs, who had a strong stake in Pru before the announcement, says the deal is shareholder dilutive and takes no account of the difficult longer term outlook for the financials sector. The manager says he is sympathetic to the plight of shareholder rebel Robin Geffen, who has started up the Prudential Action Group in a bid to block the deal. Gibbs also says he is torn between owning the stock again, because he says there is a "significant chance" of the deal not going through. In addition, Gibbs is running a 15.5% net short position in his £550m Absolute Return fund as the group's ...