JSM Financial: Prudential gets the go-ahead from S. Korea anti-trust regulators for AIA deal.

Korean Fair trade Commission official says Prudential’s $35.5 billion takeover of AIG’s Asian life insurance arm has been approved.
 
April 29, 2010 - PRLog -- British insurance giant Prudential’s takeover of American International Group Inc’s Asian life insurance arm, AIA, recently received South Korean Anti-trust approval, JSM Financial has learned, when the Korean Fair Trade Commission (FTC)  gave its approval, bringing the firm a step closer to becoming a dominant Asian insurer.

Prudential is believed to still be in discussions with Vietnam over anti-trust issues regarding the acquisition of American International Assurance and are awaiting that country’s final decision.

According to sources with knowledge of the situation, the British firm has not been asked to dispose of any assets to meet the regulatory conditions for the region.

"South Korea's anti-trust agency the Fair Trade Commission has reviewed the Prudential-AIA deal regarding its impact on the South Korean market and ... delivered its approval on the deal to Prudential," JSM Financial understands a FTC official announced.

After reports that Prudential may face shareholder resistance to the deal over the regulatory issues and the complexity of merging the two diverse firms with a long track record of rivalry sources say that Prudential is confident of a successful deal.

Prudential requires 75% shareholder support for the deal but recent newspaper reports say that Capital Research & Management, Prudential’s largest shareholder with 12%of the firm’s shares, has reservations over the acquisition, as earlier reported by JSM Financial, and would prefer a break-up of Prudential.

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