Geffen steps up Pru campaign as FSA approval nears

Neptune MD Robin Geffen has stepped up his campaign to oust Prudential's CEO Tidjane Thiam as the insurer is poised to gain FSA approval for its takeover of AIG's Asian arm AIA.

Prudential was forced to delay the launch of a record £14bn rights issue last week as the FSA raised concerns it would not have sufficient capital on completion of the AIA deal. However, following emergency talks with the FSA over the weekend, the insurer has now established a new plan to fund its proposed £24bn acquisition, the Sunday Telegraph reports. The latest proposal involves investors swapping their existing debt for a riskier form of debt paying a higher interest rate, according to reports. This would avoid the need for the insurer to sell assets to raise extra capital, an...