Pru scrambles for float amid investor jitters - papers

Prudential rushed last night to complete a Hong Kong listing for its shares amid doubts investors would approve its record $35.5bn acquisition of AIA, the Asian division of American International Group (AIG).

Blair Stewart, analyst at Bank of America Merrill Lynch, said it was by no means certain Pru investors would approve the largest in insurance history, which requires the backing of 75% of shareholders, the Times reports. Prudential says it is accelerating its Hong Kong listing to ensure Asian investors were eligible to buy into its record $21bn (£14 billion) rights issue. The proceeds will be used to part-pay for AIA. British investors have raised concerns about the price being paid for AIA, as well as the lack of detail about the structure of the rights issue and the eight-week delay...