M&G boss to snub Pru rights issue

The chief executive of M&G has decided not to buy his full allocation of shares in Prudential as part of its proposed takeover of Asian insurer AIA.

The chief executive of M&G has decided not to buy his full allocation of shares in Prudential as part of its proposed takeover of Asian insurer AIA. Sky News reports Michael McLintock, who has run M&G since before its takeover by the Pru in 1999, is intending to buy just over half the shares to which he is entitled under the terms of the Pru's giant rights issue. If McLintock had decided to take the full rights on the number of shares he owns, both currently and on a deferred basis, it would cost him around £3.5m. He has the largest stake of any Pru director. "McLintock has built u...