Prudential says it has appointed Rob Devey, head of the UK insurer’s British and European operations, to lead the integration with AIG’s Asian life insurance arm. Read the Reuters story here.
Britain’s ruling Labour government would seek to extend its powers to scrutinise foreign takeovers of UK companies if it wins an election on May 6, a party source told Reuters on Sunday. The source played down a BBC report that the plan would amount to a “Cadbury’s Law”, to protect UK companies against hostile takeovers .
Arrow Energy says discussions with Royal Dutch Shell and PetroChina over their $3 billion joint takeover offer for the Australian group are continuing. That is despite a story in the Australian Financial Review that says Arrow is set to reject the bid as too low. Read the Reuters story here.
American International Group could learn the fate of the stalled $2.2 billion sale of its Taiwan unit Nan Shan Life Insurance as early as Thursday, when Taiwan’s parliament will review a report on the deal from the top financial regulator. Read the Reuters story here.
Sberbank, Russia’s biggest lender, is lining up a bid for the 21 percent stake in Turkey’s Garanti Bank that is being sold by General Electric, a source close to the deal tells Reuters. The stake in the most actively traded stock on the Istanbul bourse is worth $3.7 billion at current market prices. Read the story here.
Japan Airlines will keep its partnership with American Airlines, due to concerns that forging ties with rival suitor Delta Air Lines would make it difficult to achieve a quick turnaround, a source tells Reuters. Delta and American have been courting JAL, now bankrupt, for months, looking to gain access to its vast network in Asia.