Pru's Thiam: ‘I regret AIA deal did not proceed'

Prudential CEO Tidjane Thiam says he "very much regrets" the collapse of the insurer's giant $35.5bn AIA takeover, which has cost the company £377m.

Thiam revealed the cost of the aborted acquisition has dropped from an earlier estimate of £450m, as the group closed the foreign exchange hedging positions and worked with advisers to minimise costs. He says the cost to the company is likely to be £284m after expected tax relief. The costs of the deal included a £153m break fee paid to AIG, foreign exchange hedging costs of £100m, underwriting fees of £58m and adviser fees of £66m. Thiam says the costs associated with the transaction will not impact the group's dividend policy, with Pru raising its 2010 half-year dividend by 5% to 6....