Pru fights to salvage AIA deal

Prudential has confirmed it is in discussions with AIG over altering the terms of its controversial £24.5bn proposed takeover of AIA.

While Pru revealed discussions with AIG continue, it says there is no certainty it will lead to a change of the takeover's terms. Pru has recognised it may need to change the terms of the current deal to overcome a shareholder rebellion and achieve the 75% approval necessary. Neptune founder Robin Geffen, who set up a working group in a bid to block the deal, said earlier this week about 20% of shareholders have already indicated they are likely to give a red light to the takeover. "We confirm that discussions regarding the current status of the transaction have taken place between...