Prudential not to revive AIG bid

British insurer Prudential yesterday said it would not resurrect its failed bid for US insurer AIG's Asian unit, calling speculation about reviving the mammoth takeover "misguided and inaccurate".

Last week, Prudential abandoned its bid for American International Group's AIA subsidiary, throwing the future of its Chief Executive Tidjane Thiam into doubt amid shareholder anger over the collapsed deal.

Both he and Prudential Chairman Harvey McGrath have insisted that no heads will roll following the collapse of the AIA deal. Thiam has to face shareholders at the company's annual general meeting yesterday.

The aborted deal, which ended Prudential's quest to become the world's top insurance firm outside of China, came one day after troubled AIG refused to cut the price tag from $35.5 billion (Dh130.39bn) to nearer $30bn. The huge deal, which would have been the biggest-ever takeover in the insurance sector, had needed re-negotiation because of turbulent financial markets, Prudential said. UK's Sunday Times reported yesterday that Thiam was planning to revive the AIA takeover.