Prudential PLC, M&G File Demerger Documents to FCA

   By Ian Walker 
 

Prudential PLC (PRU.LN) said Wednesday that circulars have been submitted by both Prudential and M&G PLC to the U.K. Financial Conduct Authority about the proposed demerger of M&GPrudential.

The insurance-and-investment business announced in March 2018 that it planned to separate M&G. Upon completion shareholders will own shares of both Prudential and M&G.

Prudential said that it expects the FCA to approve the circulars later Wednesday whereupon it will make a further announcement, including a timetable for the separation.

The company previously said it expects to complete the demerger of M&GPrudential in the fourth quarter of this year.

In March 2018, Prudential said that it would spinoff M&GPrudential, the international savings and investments business formed by the merger of asset manager M&G and Prudential's U.K. and Europe insurance operations.

M&GPrudential is led by Chief Executive John Foley. It has also appointed Mike Evans as chairman.

"Independence gives us an exciting opportunity to grow our business by scaling our high-quality savings and investments solutions, both in the U.K. and internationally," said Mr. Foley.

Write to Ian Walker at [e-mail]

(END) Dow Jones Newswires

September 25, 2019 05:06 ET (09:06 GMT)

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