PRUDENTIAL IS UNDERSTOOD to have ruled out any move on Standard Life as the Edinburgh mutual prepares for its £5bn stock-market flotation, believing that the UK market would not generate the returns to justify a big-money outlay, reports The Scotsman .
According to the paper, Prudential unveiled a forecast-beating 27% jump in first-quarter sales yesterday to £637m, boosted by its Asia division, and insisted it could thrive on its own despite cut-throat UK competition. Standard Life admitted on Tuesday it had received a string of proposals to buy "significant stakes" in the company, but the Pru is not believed to have been one of them. "The returns are not as good in the UK as in some other parts of the world," the paper qoutes a source familiar with the situation as saying.. Prudential, the UK's second-biggest insurer, is under pre...
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