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Pru pledges to delist Egg after shares buy-up
INSURER Prudential has confirmed that it now owns 95.7 per cent of Egg and will delist the online bank after 80 per cent of minority investors agreed to an offer which values the bank at around £1 billion.
Britain's second-largest life insurer is to delist Egg on February 20. The Pru, which had owned 78 per cent of Egg, offered to buy out shareholders in December five years after floating it and a year after failing to sell it.
Prudential has said bringing Egg under its full control will help generate revenue gains.
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Monday 28 May 2012
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