British insurer Prudential is to list in Hong Kong on May 11 and announced a secondary listing in Singapore to fund its $35.5 billion takeover of rival AIA, AIG’s Asian life insurance business. Prudential said it would publish prospectuses for each of the listings on May 5.
U.S. air carriers United Airlines and Continental are considering a nil premium all stock merger to create the world’s largest airline valued at about $6.6 billion. US Airways earlier dropped out of merger discussions with United. Many believed United had only entered talks with US Airways to draw out Continental, arguably a better match for it.
CenturyTel is to buy Qwest Communications in another stock deal, valuing the combination of the U.S.’s third and fourth largest landline telephone companies at $10.6 billion. The deal is designed to let the new business, CenturyLink, cut costs and compete more effectively, as consumers increasingly unplug their phone lines and go mobile.
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In other media:
American clothing group North Face has take a 5 percent stake in Blacks Leisure, a move that could prevent Mike Ashley’s Sports Direct mounting another bid for the outdoor clothing retailer, the Telegraph reports.
Private equity firm Bridgepoint is in exclusive talks to buy arts and crafts retailer Hobbycraft for more than 100 million pounds the FT reports, seeing off interest from rivals Blackstone and Exponent and car parts and cycle retailer Halfords.