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Pru shares rise on Chinese whispers

Prudential’s shares received a boost yesterday as reports that China’s Ping An Insurance was looking to buy £7bn of Prudential shares emerged.

A Chinese business paper reported that Ping An – 17 per cent of which is owned by HSBC – was close to taking a £7bn stake in the life office which would be equivalent to a 45 per cent holding in the £15.5bn firm.

Pru shares jumped more than 10 per cent early yesterday and this morning the company was trading at 670.5p per share after closing at 626p yesterday.

Prudential is set to release its company results next Tuesday.

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