DealZone

DealZone Daily

April 27, 2010

Prudential shares rise — modestly — after UK newspaper reports that its largest shareholder — Capital Group – is working on a plan to split the group up. The U.S. investor is not happy with Pru’s planned $35.5 billion acquisition of AIA, the Asian life insurer. It is working with Clive Cowdery’s acquisition vehicle Resolution, insurer Aviva and a third, unknown group, the reports say. An unlikely scenario? Perhaps, but it does show some serious discontent among shareholders.

HSBC has denied talk in the market that it may renew its bid for a $3.9 billion stake in Korea Exchange Bank. When asked whether the bank was bidding for LoneStar’s KEB, the bank’s Chief Executive Michael Geoghegan said: “No, we are not”. Right, that’s settled then.

Deutsche lends credibility to its ambitious targets with quarterly earnings that beat forecasts. The earnings benefit from strong results in debt trading — and the absence of markdowns in areas such as leveraged loans. More on investment banking later, when Goldman Sachs appears before the U.S. Senate.

For all other Reuters stories about deals & investment banking, click here. In other media (some links may require subscription rights):

Cemex, the world’s No. 3 cement maker, is considering selling off minority stakes in some of its operations worldwide, in a bid to cut its debt, the Financial Times says.

South Korea’s National Pension Service (NPS) is likely to participate in acquisitions of Korea Exchange Bank  and Woori Finance Holdings as a financial investor, Yonhap reports.

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