Prudential Keeps Its Stake With Egg
The British insurance Company Prudential had decided not to sell its 79-percent stake in the Internet bank Egg and had ended talks with potential buyers. Prudential had concluded that holding on to the business offered better value to its shareholders than a sale. Prudential chief executive Jonathan Bloomer had to explore all the options for the business. Their objective is to ensure that their shareholders benefit in full from the value inherent in Egg and they have concluded shareholders' interests are best served by retaining our Egg holding. Prudential, which set up Egg in 1998, had been trying to sell the stake since January in a deal expected to be worth about £1.1 billion pounds (€1.7 billion or $2.0 billion). Egg announced last month that it had decided to close its loss-making French operations in an effort to make the overall business profitable.