15th Oct 2019 11:13
(Alliance News) - Prudential PLC said Tuesday its shareholders approved the demerger of M&G PLC and the listing of its shares on the London Stock Exchange at a general meeting earlier in the day.
It is anticipated that M&G's shares will be listed on the London Main Market at the open on Monday next week.
In March 2018, the FTSE 100 listed life insurance company announced plans to demerge its UK & Europe business, M&G, from Prudential, resulting in two separately listed companies, "with different investment characteristics and opportunities".
After the demerger, Prudential itself will operate in Asia, Africa and the US. Existing Prudential shareholders will hold interests in both Prudential and M&G.
Shares in Prudential were down 0.7% at 1,457.00 pence on Tuesday in London.
By Dayo Laniyan; [email protected]
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