NEWARK, N.J. (AP) - Prudential Financial Inc. said Wednesday it will undertake a $1 billion public offering of its common stock to finance the purchase of two companies.
Money from the offering will used to complete the previously announced acquisition of AIG Star Life Insurance Co., Ltd and AIG Edison Life Insurance Company. Both companies are owned by American International Group Inc. AIG agreed in September to sell the two Japanese life insurance units to Prudential for about $4.2 billion.
Citi, BofA Merrill Lynch, UBS Investment Bank and Barclays Capital will serve as joint book running managers for the offering. The underwriters will have a 30-day option to purchase up to an additional 15 percent of the offered stock.
Prudential shares fell 68 cents to $55.10 in after-hours trading following the announcement of the offering. In the regular session, the stock gained 89 cents to $55.78.
http://www.canadianbusiness.com/markets/market_news/article.jsp?content=D9JDIV081
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Prudential marches on, one of the major benefactors of AIG’s demise in the medium, maybe the long term at least.
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