Abbey National and Prudential this morning announced a four-year deal to cross-sell products through...
Abbey National and Prudential this morning announced a four-year deal to cross-sell products through each other's distribution channels, but so far Abbey is the only one seeing any gains from the deal.
Shares are up for a fourth day in a row, up 16.5p to 610p, meaning the company has recovered 105p since Monday following rumours of a takeover bid last weekend.
Prudential shares are down 4p to 372p as investors do not see as many benefits for that company.
Under the terms of the deal, Abbey will sell Prudential with profits bonds, while Prudential will in turn stop selling its own protection and critical illness and sell life protection products developed by Abbey.
The agreement is exclusive, restricting each company's ability to broker similar deals with other firms.
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