Prudential has secured backing of around $1bn from two sovereign wealth funds for its audacious $35.5bn bid (£23.5bn) for AIG's Asian assets.The life insurer last night confirmed that the Government of Singapore Investment Corporation, already a shareholder in the company, and Qatar Holding LLC had agreed to underwrite "a significant portion" of the £13bn rights issue it is using to help fund the deal.
Singapore currently has a stake of under 1 per cent, while Qatar is a newcomer to the register. The involvement of the sovereign funds is likely to ease doubts about the success of the bid. The two are thought to have put up around $1bn, although an exact figure was not disclosed. Full Story
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Singapore's GIC, Qatar to underwrite Prudential issue - Reuters
