• search

Aviva drops plans to bid for Prudential

Written by: Staff
|

LONDON, Mar 24 (Reuters) Britain's biggest insurer Aviva Plc said on Friday it had dropped its 17 billion pound (.5 billion) bid proposal for Prudential Plc after failing to win over the board of its closest rival.

''In coming to its decision, the board of Aviva determined that it was not in the best interests of its shareholders to make any material adjustment to its proposed terms,'' Aviva said in a statement.

Aviva added that it reserved to right to make an offer if Prudential changed its mind or if a third party announced a firm intention to bid for Prudential.

At 1413 GMT (1943 IST), Prudential shares were down 5.7 per cent at 675 pence. Aviva shares were up 2.2 per cent at 840p.

REUTERS SD DB1958

For Daily Alerts

For Breaking News from Oneindia
Get instant news updates throughout the day.

Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more