Prudential is hit for £30m by regulator after failed takeover
PRUDENTIAL, Britain's largest insurer, has been fined £30m (€33m) for failing to tell the UK financial regulator about its ill-fated attempt to take over its Asian rival AIA around three years ago.
The Financial Services Authority (FSA) said the deal would have transformed the company's financial position, strategy and risk profile and that a planned £14.5bn cash call would have been the biggest ever in the UK.
The FSA added: "Prudential failed to deal with the FSA in an open and co-operative manner when it was seeking to acquire AIA in early 2010, because it did not inform the FSA of the proposed acquisition until after it had been leaked to the media." (Reuters)