Prudential's takeover of AIA collapses

After failing in its bid to renegotiate the $35.5 billion acquisition price, Prudential confirms the takeover agreement has been terminated.

It was meant to be a deal that would make Prudential the undisputed leader in Asia's life insurance industry and more than double the UK-based insurer's pre-tax profits by 2013. But yesterday, the confirmation finally came that its high-profile acquisition of AIA Group, the Asian life insurance business wholly-owned by American International Group AIG, had fallen apart and will not happen.

The collapse had been brewing for some time and began to look like a distinct possibility when...

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