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Prudential will push ahead with launch

Prudential announces it will go ahead with plans to float its online subsidiary Egg at the end of next month.

Recent speculation suggested the flotation would be shelved due to the rough ride technology stocks have received on the markets.

The Pru is valuing Egg at between £1.1bn and £1.4bn, which is much less than the figure of £4bn that was being hyped. It is expected the float will raise about £150m which will be used for marketing and development of new products.

Earlier this week the Pru had admitted it was having second thoughts about the decision, but today’s announcement reaffirms its commitment to float.

Prudential chief executive Jonathan Bloomer says: "What we are doing here is a very solid business move, a strategic move, not something that is opportunistic."

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