British insurer Prudential is not considering a renewed effort to acquire the Asian life unit of AIG, a company spokesperson said, denying a newspaper report that a new takeover bid was being planned.
According to the report, the group was considering to revive its bid and that Tidjane Thiam, chief executive of Prudential, believed he could present another proposal before the end of 2010.
The company previously dropped its plan to purchase AIG’s Asian life unit for S$50.1 billion (US$35.5 billion) after shareholders protested on the deal’s expensive value.
“We remain highly committed to Asia through our current very successful business. We will not be resurrecting the AIA deal and any speculation is misguided and inaccurate,” said Chad Tendler, a Hong Kong-based spokesperson of Prudential’s.
The proposal, which cost S$918.5 million (£450 million) in adviser fees and other expenses, has prompted requests for a review of Prudential’s strategy and cast doubt on the future of its chief executive.
However, ahead of the company’s annual general meeting scheduled today, Chairman Harvey McGrath said that majority of the investors of the group did not want Thiam to resign.