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Pru to float and buy in US

Prudential is floating on the New York stock exchange at the end of this

month in a bid to raise around £136m for a potential acquisition.

The Pru says it is hoping to raise the capital for “general corporate

purposes”. According to a spokesman, the cash could be ring-fenced for an

acquisition in the near future.

But the life office is remaining tight-lipped on when any purchase would

be made and which organisations are likely candidates.

The £136m ($205m) expected net proceeds is based on the life office&#39s

share price on June 12.

The ultimate price is expected to be based on Pru&#39s closing market share

price on the London Stock Exchange around June 27, with the first day&#39s

trading in New York earmarked for June 28.

Pru says the move will provide it with access to the world&#39s biggest

capital markets and reflects its worldwide operational presence.

It also says the listing is a significant step in its strategic

development as a leading international financial serv-ices provider.

Group finance director Philip Broadley says: “We are well placed to

benefit from the opportunities our New York listing will bring. It will

support the continued development of our business inthe United States and

therest of the world.”

Spokesman Jeremy Rey-nolds says: “The move will provide us with

acquisition currency.

“It will also help to broaden our international shareholder base and

create a worldwide presence.

“I think this move is indicative of the industry consolidating across

international boundaries.”


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