Prudential Plc - Completion of the demerger of M&G Plc
Completion of the demerger of M&G plc
Prudential plc ("Prudential") has today completed the demerger of M&G plc ("M&G"). The M&G shares have been admitted to trading on the London Stock Exchange's main market for listed securities.
Prudential announced its intention on 14 March 2018 to demerge M&G, resulting in two separately listed companies. Shareholders have retained their shares in Prudential and have also received shares in M&G.
Paul Manduca, Chairman of Prudential, said:
"This has been a complex transaction and I would like to thank everyone for their hard work. The Board believes the demerger will help Prudential and M&G to become more closely aligned to the interests of their customers and shareholders. Both businesses will retain their UK domicile and be able to allocate capital even more effectively as separate entities. We wish M&G every success in its new life as an independent business."
Mike Wells, Group Chief Executive of Prudential, said:
"Prudential is now an Asia-led portfolio of businesses, focused on structural growth markets. Our businesses in Asia and the US have leadership positions in their chosen segments, and we now operate in eight markets in Africa. I am confident that the best is yet to come for Prudential's customers and shareholders."