BBC Homepage World Service Education
BBC Homepagelow graphics version | feedback | help
BBC News Online
 You are in: Business
Front Page 
World 
UK 
UK Politics 
Business 
Market Data 
Economy 
Companies 
E-Commerce 
Your Money 
Business Basics 
Sci/Tech 
Health 
Education 
Entertainment 
Talking Point 
In Depth 
AudioVideo 
Wednesday, 14 June, 2000, 11:18 GMT 12:18 UK
Prudential goes to New York
Prudential is hunting around for US acquisitions
Prudential is hunting around for US acquisitions
The UK's largest life insurance company, Prudential, is planning to float its shares on the New York Stock Exchange, raising $205m (136m) in the process.

The company plans to hold the offering toward the end of the month, depending on market conditions.

Shares will be sold to US retail investors and institutional investors globally.

The share price will be based on Prudential's closing price on the London Stock Exchange on or around 27 June.

"The listing marks a significant step in Prudential's development as a leading international financial services provider and will further broaden our international shareholder base," said the Pru's chief executive Jonathan Bloomer.

US acquisition

The money raised from the flotation is to be used for general corporate purposes, Prudential said. But reports have suggested the company was interested in buying a US fund manager.

The company has recently been boosting its US presence, where its main business, Jackson national Life, is one of the top 20 US insurance companies.

Prudential recently bought a small Californian bank, Highland Bancorp, for 76m in April.

Finance director Philip Broadley said the company was "well placed to benefit from the opportunities our New York listing will bring".

"(It) will provide Prudential with access to the world's largest capital markets and reflects our worldwide operational presence," said Mr Broadley.

Investment bank Morgan Stanley Dean Witter will act as the offering's global co-ordinator and lead manager.

On Monday, Prudential listed the shares of its subsidiary, internet bank Egg.

The flotation raised 150m for Egg and 86m for Prudential.

Search BBC News Online

Advanced search options
Launch console
BBC RADIO NEWS
BBC ONE TV NEWS
WORLD NEWS SUMMARY
PROGRAMMES GUIDE
See also:

12 Jun 00 | Business
Egg shares rise
23 Feb 00 | Business
Prudential to float Egg
18 Apr 00 | Business
Prudential premiums up 54%
21 Jan 00 | Business
Prudential joins NatWest battle
14 Jan 00 | Business
The man from the Pru
Internet links:


The BBC is not responsible for the content of external internet sites

Links to more Business stories are at the foot of the page.


E-mail this story to a friend

Links to more Business stories