Rumours that Prudential might sell reinsurance subsidiary Mercantile & General (M&G) caused a rise in the group’s share price. The group had planned a £500m floatation of M&G. However, a disposal would allow Pru to concentrate on a potential take-over of the Woolwich Building Society.
Following a strategy review, Prudential is concentrating on retail and financial services and associated fund management activity. It is common knowledge that the group is in the market for a suitable building society or even a mutual life insurer. Such an acquisition would aid the group’s UK retail strategy focus.
- The Independent 23/08/96 page 17
