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Pru bid for American General off

Prudential&#39s attempt to take over American General has failed after its £14bn bid was beaten by American International Group, the world&#39s largest insurance company.

Pru will be receive an immediate termination payment of £419m from American General for breach of the takeover agreement reached earlier this year.

A Pru spokesman says: ” American General has concluded the AIG deal is better for its shareholders. There is no change in our strategy as we will continue to look at acquisitions that are right for us.”

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