New Insurance Giant to AppearBritish Prudential Insurance Group and American General Motor jointly announced the 30-billion-pound merger of the two companies to form a global insurance giant.The merged company will be named as Prudential Industry. It is known the shareholders of Prudential after the merger will own 50.5 percent stake of the company while that of GM will own 49.5 percent of the company's stake. Total market value of the new company will reach 30.8 billion pounds. It is expected funds under its management will amount to 229 billion pounds. The news of merger did not bring good luck to investors as the price of Prudential stock dropped 12.7 percent. Source: Panorama |
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