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Neptune’s Geffen launches Prudential Action Group

Neptune founder and managing director Robin Geffen has launched an action group for shareholders to fight against Prudential’s proposed £23.5bn takeover of AIG’s Asian arm AIA.

Geffen is trying to gather support for a vote of no-confidence in the insurer’s chief executive Tidjane Thiam claiming he is putting Prudential’s future at risk by embarking on the deal. Neptune owns around £50m worth of Prudential shares.

Geffen is urging all shareholders to register their opposition online at www.prudentialactiongroup.com or by calling a dedicated phone line on +44 (0) 207 788 7589.

He says: ‘Like many shareholders, I remain completely opposed to the course of action that Prudential is intending to pursue. Very few shareholders have been consulted and it is not why people bought shares in the Pru.

“I urge all shareholders who agree with my view to show their opposition to the proposed deal by registering with the Prudential Action Group either online or by telephone.”

Prudential may be close to salvaging the takeover of AIG’s Asian arm by negotiating a deal to placate FSA concerns over capital adequacy.

The insurer was forced to delay the launch of its rights issue, scheduled for May 5, as the FSA blocked the prospectus for its £14bn rights issue on the grounds that the merged company would be short of capital.

Prudential is expected to announce details of an agreement this week

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Julian Stevens 10th May 2010 at 4:48 pm

    Maybe Prudential no longer see the UK as a profitable place to try to do business and plan to focus instead on the Far East where they don’t have money guzzling, incompetent quangos like the FSA spoiling everything for everybody.

  2. This is precisely why I bought shares in the Pru – why is this a bad move for shareholders?

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