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Prudential plans to sell or carry out partial float of US business

Written by Adam Cadle
09/03/2020

Prudential is planning to sell or carry out a partial float of its American insurance business, according to latest reports.

The Sunday Times said Prudential’s US arm, Jackson, founded in Michigan in 1961 and owned by Prudential since 1986, would be worth between $6bn and $10bn.

The news comes after hedge fund manager Dan Loeb called for the break-up of Prudential after taking a near $2bn stake.

Loeb’s New York based investment firm, Third Point, said separating the company’s Asian and US operations would “increase investment in both businesses, optimise growth, and drive higher valuation.”

Prudential had not yet responded at the time of press.

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