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Thursday, May 03, 2007

Prudential Asked For Views on Break Up

The Telegraph reports today that the Prudential's chairman, Sir David Clementi, has received a letter from a fund manager with a "substantial holding" asking him to explain the board's thinking on a break-up.

The shareholder notes that there could be advantages to splitting the business up.

The letter is a sign of the frustration that is felt amongst investors over Prudential's UK performance compared with the performance of Asian/US business.

Market speculation has increased, as it is reported that hedge funds have been buying Prudential over the past few weeks.

The market is trying to push the Pru into demerging, we shall see.

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